Patrick McCorry, a prominent blockchain expert, has voiced significant concerns regarding a recent White House report on digital assets, citing what he perceives as fundamental technical misunderstandings. His critique, shared via a tweet, highlights the report's failure to accurately represent current blockchain technology and its operational nuances, potentially impacting future regulatory clarity. The comprehensive report was released by the White House in late July 2025, aiming to establish a regulatory framework for the burgeoning crypto industry.
McCorry specifically pointed out the report's lack of distinction between decentralized networks, non-custodial operators, and smart contracts. He noted that the document focuses predominantly on smart contracts while neglecting crucial services built atop blockchains, such as rollups and other Layer-2 scaling solutions. This omission, according to McCorry, suggests an outdated understanding of how modern blockchain ecosystems are designed for efficiency and scalability.
A second major point of contention for McCorry was the report's incorrect association of Maximal Extractable Value (MEV) solely with Proof-of-Stake (PoS) consensus mechanisms. He clarified that MEV, which relates to the strategic ordering of transactions, is equally applicable to both Proof-of-Work (PoW) and PoS systems, independent of the method used to determine block creation eligibility. McCorry stated, > "Intrinsically associating MEV with PoS is huge mistake as MEV is absolutely everywhere -- it means the writers did not understand this seperation properly."
Patrick McCorry, holding a PhD in Cryptocurrencies and having contributed significantly to the field through his work at King's College London and the Arbitrum Foundation, brings substantial academic and practical experience to his assessment. The White House report itself has been described by some industry figures as a "regulatory Bible" and a roadmap intended to solidify the United States' position as a "crypto capital of the world," clarifying permissible bank activities and fostering innovation.
McCorry's observations imply that the report's foundational understanding of blockchain technology may be out of step with current developments. He anticipates a significant increase in non-custodial operators running services on behalf of smart contracts, which, while adhering to rules, are not fundamental to the underlying blockchain. His overall assessment suggests that the report's recommendations might not fully address the complexities and innovations actively being built and deployed within the blockchain ecosystem.