Congressman Sherman To Chair Subcommittee For Investor Protection, Will Crypto Be Affected?

Brad Sherman, a US congressman and who is well known for his anti-crypto stance has been elected to chair a Subcommittee responsible for making decisions on entrepreneurship, investor protection, and capital markets. The announcement was made on December 5 by Maxine Waters, the chairwoman of the House Financial Services Committee.

The subcommittee will be headed by Sherman and will oversee major regulatory bodies of the United States including the Securities and Exchange Commission (SEC), the New York Stock Exchange (NYSE) and the Financial Industry Regulatory Authority (FINRA).

Sherman's Service Record

Democratic member of the U.S. House of Representatives for 23 years and is well known for his reservations towards Bitcoin and cryptocurrency.

Warren Davidson who happens to be Sherman's coworker on the Financial Service Committee believed that Sherman was quite conservative in his approach and does not like anything about cryptocurrencies, and if it would be up to him he might even ban the internet. He explained,

“In my view, [Sherman’s] goal is essentially to try to ban the internet. He’s like ‘we’re going to ban crypto, we need to ban crypto, the only reason to have any crypto asset is to launder money and evade taxes. Go back, rewind the tape. Every hearing that's has been held on crypto, that’s Brad Sherman's thoughts. He doesn’t like the “space.”

Sherman's conservative thinking could prove to be another pushback for the US in the decentralized world

Sherman is quite conservative when it comes to finances and doesn't believe in cryptocurrencies promising decentralized future and that taking away the power over finances from the government as a threat. He believes anything that challenges the US dollar's sovereignty needs to be outright banned.

Recently in October Sherman was seen dissing cryptocurrencies, claiming it to be highly risky which might cost investors a ton of money as it is not protected by the government. He said,

“Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives perhaps and displaces the U.S. dollar or interferes with the U.S. dollar being virtually the sole reserve currency in the world.”

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