Recently, Congressman Brad Sherman (D-CA) called for an outright ban on buying or mining cryptocurrencies which the crypto community didn’t take too well. Many have called for his removal and started the hashtag campaign on social media called “#UnseatSherman2018.”
Sherman has made numerous statements against cryptos, but most of which can be summed up to one of his statement. “Cryptocurrency accomplishes nothing except facilitating terrorism, narcotics and tax evasions.”
The idea that cryptos are solely used for malfeasance is, of course, preposterous. Any negotiable instrument can be used for legal, or illegal transactions. Today cryptocurrency can be used much in the same way that fiat currency that is created by central banks is used. The one big problem for bank-backed politicians like Brad Sherman is that cryptos cut out the intermediaries.
While Sherman is on the ballot this year, the election is already set in his favor.
Brad Sherman has an opponent, Republican Mark Reed. But, the district is rated as a Safe Democratic hold. In 2016, Hillary Clinton defeated Donald Trump in the district 69-26%. In order to draft a credible challenge, the opponent would almost certainly need to be a registered Democrat, which is not possible until 2020.
Sherman’s current opponent, Mark Reed, ran the race against him in 2016 and lost 73-27%. He lost 65.5-34.5% in 2014. And, in 2017, when Reed ran for Los Angeles City Council in District 7, he didn’t make it out of the top-two primary. In fact, he finished in twelfth place with just over 1% of the vote.
It is obvious that Sherman will glide to re-election. So, Gardner thinks that instead of spending resources in a reactionary fashion people should be more prudent in their approach. Promoters of the cause should take a glance at the bipartisan blockchain caucus.
Some of the members of the blockchain caucus do face credible challenges. For example, embattled freshman congressman Greg Gianforte faces a tough re-election campaign. Currently, he lags behind his opponent in the polls. Those part of the blockchain caucus are already friends of the industry. This would be a wiser approach rather than trying to influence an unwinnable race.