US Rep. Brad Sherman Wants to Ban Crypto Purchases, But One Presidential Candidate Disagrees

  • Former Congressman and current presidential candidate Ron Paul disagrees with possible ban on cryptocurrency purchases.
  • Paul says the best approach to cryptocurrency is a light-handed one.

With cryptocurrency being such a hot topic in multiple entities of the government today, decisions need to be made soon. The representative from California, Brad Sherman, holds the stance that cryptocurrency purchases should be completely banned in the United States.

However, as a former Congressman and presidential candidate, Ron Paul vehemently opposes this idea, which he expressed while appearing at CoinDesk Live at Consensus 2019.

At the event, Paul spoke about many different subjects that impact the cryptocurrency space. Most notably, he commented that the federal government needs to essentially leave it alone. He added:

“Whether it’s gold or peanuts or silver or whatever, they will not just give cryptocurrencies a free ride.

Sherman’s call to ban cryptocurrency was dismissed by Paul on May 9th at a Congressional hearing. Sherman, at the time, had asked others to join his cause and to collaborate on a bill that would effectively stop the American public from making any more crypto purchases. In response, Paul said that Sherman is no more than “just another thug in Washington.”

Elaborating, Ron Paul commented that these kinds of people think that “they know what is best and they will run the show.” He commented that these people dominate the space, acting like “dictators,” which is not uncommon, according to Paul. He added:

“He’s very typical in all degrees in all issues, whether it’s a social issue, like a few years ago when they decided the worst thing in the world is smoking marijuana.”

Many of Paul’s comments came from a place of speaking to Sherman’s power-hungry nature, even saying that anarchy is the result of “the Brad Shermans of the world,” because they break it down.

Leading into the crypto industry, Paul said that the fact that this industry challenges how the monetary system works, making the financiers of the world more worried about the foundation of traditional finance.

With those factors in mind, the current debt levels are just one way that the monetary system and economy are running out of time right now. As Paul sees, it, even if the dollar survives, the present system in place is “not viable” enough to have the same fate. He added that the US is “flat out broke” and the economy has remained like that for which some time.

To solve the massive debt that the economy holds, Paul suggested that cryptocurrency could help, though he has not quite played through this plan in action. Still, he remains “enthusiastic” about the potential for alternatives and the competition that may evolve from it.

Before anything can progress, the key is to allow consumers to have a choice, which is what Paul is trying to preserve. As far as the type of policy that Paul himself would implement for cryptocurrency, he said that the goal would be to have a policy that is more of a light touch of regulatory policies, rather than a heavy hand.

The ultimate goal for Paul would be decentralize regulatory authority, making it impossible for Washington, DC and NYC agencies to control the startups and businesses that arise. Paul added that the effects of the government should be “so small that nobody has a financial advantage to being there.”

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