US Congressman Makes a Stand Again Against Advocating for a Bill to Ban Bitcoin, Outlaw Cryptos


Everybody knew this was coming sooner or later. After Bitcoin and the other cryptos getting famous, people would obviously want to ban them sometime. It is almost a natural move. Something cool and revolutionary appears and eventually people believe that it is too good to be allowed, so they want to ban it.

Bitcoin Hater US Congressman Sherman At It Again

The U. S. Congressman Bradely Sherman, a Democratic lawmaker elected in California, called the National Congress to create a bill that would outlaw cryptos during the latest hearing of the Financial Services Committee hearing today. — This isn't the first time he has called for the banning of Crypto or Bitcoin Mining, read here and here.

According to the lawmaker, he was looking for some colleagues that would join him in the goal of introducing a bill to forbid Americans from purchasing cryptos. He defended the idea that most of the international power of the country comes from the USD, which is the standard unit for money. Because of this, he believed that cryptocurrencies could undermine the sovereignty of the United States.

To him, cryptocurrencies would actually dis-empower the U. S. at the same time that they would weaken the collection of taxes and to cause problems for the “traditional law enforcement”. Basically, to him, cryptos are all about making problems that could “dis-empower” the country.

He also cited the Islamic fundamentalist group Hamas during his speech. According to him, they are using cryptos to get donations and instruction people how to use them to give them money. Because of this, he believes that cryptocurrencies benefit people who wish to commit crimes.

So What?

Some of the allegations made by the U. S. Congressman are, in fact, true. Bitcoin aims to undermine fiat and the United States gets some of its strenght from the dollar. However, most crypto traders could not care less. Many traders are averse to politicians and regulation, so they would actually want to use a token that is not regulated by central banks.

Also, some other people could argue that Sherman is flat-out wrong and that Bitcoin will not dominate the whole market, a view that most moderate people in the industry seem to have. They would also say that most of the claims that terrorists and criminals are using Bitcoin are wrong, as they have in fiat their most secure way to use money since paper money is not easy to track.

The pleas of the U. S. Congressman might convince some people, but they hardly turn into an actual bill as he did not receive so much support for his idea so far.

You can watch the full video here:

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