In a Financial Services Committee hearing on Thursday, U.S. Congressman Bradley Sherman from California called upon Congress to create a bill that would ban cryptocurrency purchases by Americans.
Congressman Bradley Sherman wants Cryptocurrency banned in America. On Thursday, Sherman asked Congress to propose a bill that would ban Cryptocurrency outright. Here is some of what the Congressman had to say (scroll to the bottom of the article for video):
“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans…in part because an awful lot of our international power comes from the fact the dollar is the standard unit of international finance and transactions”
Bradley Sherman has been anti-cryptocurrency for at least a year now. In a subcommittee for the Financial Services Committee last July, Sherman announced his belief that all cryptocurrency mining and trading should be banned in the United States. Sherman declared that the primary use of cryptocurrency was for tax evasion and the only way to stop this was banning all US citizen participation with cryptocurrency. A few other members of the subcommittee challenged Sherman’s analysis of cryptocurrency, and believed that the benefits of Cryptocurrency also needed to be examined before making such sweeping statements.
Despite these comments by Sherman’s peers last July, Sherman continued his bill proposal this past Thursday saying:
“Whether it is to disempower our foreign policy, our tax collection enforcement, or our traditional law enforcement, the purpose 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”
Ironically, this quote can almost be seen as an advertisement for Bitcoin. Sherman has nicely outlined some of the reasons Bitcoin was created in the first place. Born out of the economic mess in 2008, Bitcoin was made to solve the inherent issues that accompany a centralized monetary system.
Sherman has been criticized by many for his stance, some noting the fact that his largest political donors are all organizations betting on the success of the centralized banking model. Additionally, one of these donors is Allied Wallet, a credit card processing firm that had to forfeit some $13 million to the government for facilitating illegal gambling.
Sherman continued on, saying that his main fear regarding Cryptocurrencies is its use for illegal activity. This narrative has permeated through the Bitcoin debate for years. However, as chain analytics has grown and KYC verifications have spread to many fiat onramps, Bitcoin has become less private than cash.
All things considered, the state of cryptocurrency’s legality in America still needs further clarification. Hopefully, America will take an innovation-minded approach to the asset class and not make any sweeping claims. This is just a proposal, and there is no reason to assume a bill will be created for now.
You can listen to the full speech here: