Why Would an Anti-Bitcoin US Congressman Want a Bill to “Outlaw” Cryptocurrencies?

  • Sherman says, “nip this (Crypto) in the bud” as it undermines the US Dollar
  • He says Cryptos are mostly used by criminals

The Democrat Congressman from California, Brad Sherman, a bitcoin basher recently at a meeting of the House Financial Services Committee on May 9 called out for a legislation that will make it illegal for Americans to buy and sell cryptos.

“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency – the purchases by Americans – so that we nip this in the bud in part.”

The ban, Sherman says is necessary because crypto threatens to weaken the US dollar. He further said that crypto is only useful for criminal activities like tax evasion, money laundering and others.

“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 and other transactions.”

Sherman also noted that crypto enthusiasts haven’t made their “purpose” a secret to have Bitcoin to replace the fiat currencies.

“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.”

“So whether it is to disempower our foreign policy, our tax collection enforcement or our 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.”

Congressman Sherman also said that he is alarmed by the surge in the use of cryptos for criminal activity and pointed to the palestinian terrorist group Hamas an an example.

Hamas has been soliciting Bitcoin donations as it suffers financially as a result of US harsh sanctions on Iran that has been funding the Sunni-Islamist network.

Sherman might be serial crypto attacker but many other democrats have more open-minded views of cryptos.

SEC commissioner that has been nicknamed “Crypto Mom” is one a pro-Bitcoin that has been promoting the idea of cryptos. There’s also “Crypto Dad” CFTC chairman Christopher Giancarlo who recently in his speech before a Congressional committee said there will be an “explosion of interest in cryptocurrencies.”

Congressman Bill Foster and former Congressman Jared Polis who are connected with Blockchain Caucus are big supporters of cryptocurrencies as well.

Elsewhere, European Central Bank (ECB) President Mario Draghi said Bitcoins are not currencies rather risky assets.

“A euro is a euro – today, tomorrow, in a month, it’s always a euro. And the ECB is behind the euro. Who is behind the cryptocurrencies?” asked Draghi further said crypts are not significant enough and have no effect on our economy.

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