Congressmen Warren Davidson and Mike Flood sent a letter to the chair of the Council of Economic Advisers (CEA) regarding a chapter in the “Economic Report of the President, ” which expressed negative views towards the digital asset ecosystem.
The lawmakers criticized the agency for taking a hostile stance towards digital assets, which they believed could drive innovation and economic growth away from the US. They also raised questions about conflicting regulations, the role of Congress in regulating the crypto space, and the comparison between digital assets, the FedNow instant payment system, and central bank digital currency.
The authors did not specify the purpose of their request for information, and a response is expected by May 26. Davidson and Flood are both known for their support of the cryptocurrency industry and have introduced legislation related to digital assets.