Rep Brad Sherman Wants Cryptos Banned
US Representative Brad Sherman continues to oppose cryptocurrencies, claiming that they are nothing more than a means for scammers, terrorists, and criminals to get what they want.
Brad Sherman Stands Up Against Cryptos Once More
Yesterday's House Financial Services hearing came as another reminder that not everyone is a fan of cryptos, despite their growth in popularity. The leader of the opposition within the House of Representatives continues to be Rep Brad Sherman, who has made his stance on the matter obvious on multiple occasions.
Sherman being against cryptos is nothing new, and he has continuously claimed that cryptos are a crook. He continued to claim that they allow lazy people to get rich overnight, and that they are helping tax evaders, terrorists, and other criminals. It also did not go unnoticed that he continued to use words like crime, fraud, gambling, and even larceny.
Yesterday's hearing was pretty much the same as always, and as soon as Sherman got the opportunity to bash cryptos, he got to it with a lot of enthusiasm. Despite the fact that he got introduced to cryptos a while ago, it doesn't really seem like he has learned much about them. He claimed all the same things as always, connecting cryptos to crimes, tax evasion, terrorism, narcotics trafficking, and alike.
However, this time was special due to his suggestion that cryptos should be completely banned for all the US citizens, including their trading and mining. Despite all of his arguments to support this opinion, he found no supporters, and has even managed to stir up some crypto supporters.
Sherman’s Crypto-Hatred Fueled By Credit Card Companies
In the meanwhile, many have started wondering why is Sherman so against cryptos? This is when it was discovered that Sherman received a large donation, exceeding $17 million, from all the biggest companies that are being threatened by the mainstream adoption of cryptocurrencies. The donation came from lobbyists, but they clearly received it from companies like Credit Union National Assn, Garhwal, Chan & Williams, Capital Group Company, as well as Allied Wallet.
Despite the fact that everyone would wish to believe that Sherman's concern for the US citizens is the reason behind this strong opposition to cryptos, it would seem that something else might be fueling his enthusiasm.
As mentioned previously, Sherman's request that crypto mining and buying should be banned wasn't received with much approval. In fact, some, like Norbert Michel, Heritage Foundation's Data Analysis director, even openly stood up against him.
Michel defended the cryptos in front of the subcommittee by saying that it is true that criminals have used Bitcoin (BTC) and other cryptocurrencies for illegal activities. However, they have also used everything else, including computers, cars, and even airplanes. These things were not criminalized just because the criminals are using them, so why should cryptocurrencies?
The fact is that cryptos can do a lot of good in the world, and can make life easier for their users. They provide fast and simple payment solutions, and their potential continues to grow on a daily basis. The only ones actually suffering from crypto adoption are the very same companies that are acting as Sherman's donors. And obviously, these are not the firms dedicated to making the life of a regular person easier.