Rep. Brad Sherman’s Financial Connections EXPOSED!

By Kevin • July 20, 2022 10:01 am • Comments

As crypto adoption is continues to grow and millions of Americans are now starting to own digital assets, it seems that there are some politicians that are trying to stop this.

After all, digital assets allows the people to take back ownership of assets, independence, and privacy from the government as things like Bitcoin are beyond their control.

Specifically, Congressman Brad Sherman is one of the biggest opponents of crypto and his biggest donors during his 2020 campaign involved large financial companies that are interested in keeping the old financial system in power.

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Essentially, the banning of crypto may serve the interests of his donors which may be the real reason behind Sherman’s anti-crypto stance.

Fee.org reports:

But there’s also a more cynical, yet simple answer: Some of Congressman Sherman’s biggest donors are big banks and mainstream financial institutions, the same interests threatened by the rise of cryptocurrency.

According to OpenSecrets.org, the following financial companies rank among Congressman Sherman’s biggest donors to his 2020 Campaign Committee:

Capital Group Companies: $18,400
Blackstone Group: $16,800
BlackRock Inc: $11,250
American Bankers Association: $10,000
Capital One Financial: $10,000
Charles Schwab Corp: $10,000
Credit Union National Association: $10,000
Discover Financial Services: $10,000
Deloitte LLP: $10,000

At a hearing for the House Committee on Financial Services, Sherman continued to criticized crypto and renewing previous calls for a ban.

His reasons include the fact that crypto is used to evade KYC rules, potential tax evasion, and also its volatile nature which will prevent Americans from retiring.

Of course, many of these reasons have been largely rejected by the larger crypto community and that the government has no place in controlling how citizens decide to invest their own money.

There are also a number of mistakes and fallacies that many have pointed out in the Congressman’s statements.

Fee.org shares:

Moreover, Sherman’s rhetoric about a select few cryptocurrency winners getting rich off the backs of losers is a classic example of the “zero-sum fallacy.” It’s economically untrue that wealth gains must necessarily come from someone else’s losses.

Indeed, when transactions are voluntary, they must inherently serve both parties’ interests. (If they didn’t, the parties wouldn’t agree to it!) So, the picture the congressman paints of cryptocurrency as exploitation is by no stretch of the imagination the reality. People can gain value without others always having to lose.

Sherman also misstates the differences between cryptocurrency and the US dollar. He overlooks the key difference: cryptocurrencies like Bitcoin are beyond central control, and their price cannot be inflated by a central authority.

However, the US dollar can be inflated by the Federal Reserve when it prints new money. (In fact, that’s exactly what’s happening right now).

As long as crypto stands to threaten the existing financial system, there will always be those against it, but that is inevitable in any major change to the system.

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