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- A U.S Congressman has called on the country to ‘shut down’ cryptocurrencies which he believes are too volatile for the average investor.
- The Congressman has called on investors to focus instead on the stock market “and help build American companies” or even the lottery, but not Bitcoin.
The American Congress has a love-hate relationship with cryptocurrencies. Some like Tenessee’s Mark Green have invested heavily in Dogecoin and other cryptos while some like Massachusetts’ Elizabeth Warren have ripped into Bitcoin. The newest to announce his allegiance is California’s Brad Sherman who is strongly against the industry. Sherman called on the U.S to shut down crypto, urging investors to turn their attention to the lottery instead.
Sherman shared his views against cryptocurrencies while speaking to the House Financial Services Oversight Subcommittee. In the hearing, he spoke out against the new asset class which he believes is doing more harm than good.
Today, during an @FSCDems hearing, I highlighted the threats posed to Americans and the U.S. Financial system by #cryptocurrencies. https://t.co/oPMFEWyePo
— Congressman Brad Sherman (@BradSherman) June 30, 2021
As with many other crypto critics, Sherman attacked its volatility which he believes is just one person taking away from the many.
Cryptocurrencies are highly volatile. So, if one person makes $1 million and retires at age 49, and nine lose $100,000, Coinbase makes money. The millionaire goes on TV and tells how wonderful it is, and the nine others do not retire in dignity but instead become eligible for Medicaid.
He then made the most significant statement, saying, “I hope we shut it down.”
However, for Sherman, who is the Representative for California’s 30th Congressional District, it’s not just the volatility. He continued:
Cryptocurrencies have the political support of patriotic anarchists who are rooting for tax evasion. I hope we shut it down.
Sherman prefers that investors direct their money to stocks “or the California lottery to support the schools in my state.”
Sherman: Facebook’s Diem is more dangerous to America than 9/11
The attacks on digital currencies are nothing new for Sherman. He has been critical of digital currencies for years now. In 2019, he called for America to ban Bitcoin as it was a threat to the U.S dollar. At the time, Bitcoin was trading below $7,000. Today, it’s trading at almost five times higher, and this has not gone down well with the lawmaker.
At the time, he also referred to Bitcoin as a currency for criminals, in particular drug dealers, terrorists and tax evaders. According to him, more people will die in a world where Bitcoin exists.
As such, America must ban crypto to protect the U.S dollar and maintain its world dominance.
the video of @BradSherman's call to ban bitcoin is the best advertisement for the digital asset i've seen in quite some time (HT Oskar_Koch on Reddit) https://t.co/KeGCO0uXSh pic.twitter.com/VDF6XxBFre
— Kyle Torpey (@kyletorpey) May 9, 2019
Sherman’s attacks on Bitcoin are nothing compared to his stance against Diem, the Facebook digital currency. Formerly known as Libra, the digital currency has faced a lot of opposition in Europe and the U.S.
During one hearing in Congress with Facebook’s David Marcus, Sherman tore into Diem, which he disparagingly referred to as ‘Zuckbucks.’
The most scathing attack was when he claimed that ‘Zuckbucks’ would do more harm to the U.S than the 9/11 attacks did. This was an over-the-top comparison, especially given that over 3,000 people died in the attacks, but it shows just how determined the Congressman is to booting crypto out of the U.S.
The most innovative thing that happened this century is when Osama bin Laden came up with the innovative idea of flying two airplanes into towers. That’s the most consequential innovation, although this may do more to endanger America than even that.
In a recent interview, billionaire and crypto bull Mike Novogratz urged the crypto community to do more to educate legislators like Sherman.
“In some ways, he’s talking nonsense and he’s a representative that gets to regulate over us,” Novogratz stated.
