Why Respected Congressman’s Call To Ban Bitcoin And All Crypto Assets Will Never-Ever Fly
Congressman Calls To Ban All Crypto
Republican congressman Brad Sherman allegedly raised the issue of a blanket ban on cryptocurrencies by bill. His reasoning when proposing the bill was, in part,
“. . . An awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil transactions.”
“… it is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have on Iran, for example, would become irrelevant.” And “So whether it is to disempower our foreign policy, our tax collection enforcement, or traditional law enforcement, the purposes of cryptocurrency, the advantage it has over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law.”
Essentially, it seems that he takes the position that it is necessary to ban cryptocurrencies because they are a threat to the United States dollar. While his statements may highlight fears associated with cryptocurrencies, there are also a number of positive benefits associated with cryptocurrency. For instance, crypto provides more security for traditional payments, it cuts out the middleman, there is universal recognition, and access to everyone in every market is possible.