As more and more countries slowly open their doors to cryptocurrencies and blockchain technology, one particular U.S Congressmen is still against it. This is none other than Brad Sherman, who views the modern asset in a complete shutdown mode.
The Congressional Hearing, referred to as, “The Future of Money: Digital Currency” had many members debating on the matters of cryptos. As per Sherman, he does not see the necessity of cryptocurrencies, because he believes that the traditional fiat currency, U.S dollar, has already contributed everything and even more to society than the digital asset has. He, however, does give credit to the blockchain technology, but it seems to end there.
Here is an extract of Sherman’s words:
“Blockchain is a good technology, but it can be used to track and transfer sovereign currency. There is nothing that can be done with cryptocurrency that cannot be done with sovereign currency that is […] helpful to society.”
He also gives an example that he uses to support his argument:
“The role of the US dollar in the international financial system is a critical component of US power. It brought Iran to the negotiating table and then we argue about whether we got a good enough deal or not in the JCPOA.”
His final verdict? He strongly deems that cryptocurrency trading and mining should be banned altogether, which he argues for because of wastage of electricity that would occur otherwise. He also trusts that the digital assets do not bring any use to society, but encourages negative activities such as “facilitating narcotics, trafficking, terrorism and tax evasion.”
Another member who supposedly supports Sherman’s views is the Federal Chairman, Jerome Powell. While we’ve seen one perspective of cryptocurrencies and real-life implementations, a supporting perspective – one contradicting that of Sherman and Powell – was also revealed.
Someone who seems to hold a positive stance on the potential cryptocurrencies has is U.S Senate Candidate Austin Peterson, an individual who, according to Cryptovest, is running a campaign that aims to highlight “libertarian principles”.
As opposed to Sherman’s view that cryptocurrencies are unnecessary, Peterson believes that its “disruptive influence is just what our financial system needs”. He believes that the control within the hands of the government only seems to “limit consumer choice”. To Peterson, cryptocurrency is an embodiment of what America is and what it means for “American creativity and American liberty.” He concluded saying that during his campaign, he will be “delighted” to take cryptocurrencies as donations.