This Democrat Lawmaker Is Planning To Ban Crypto

January 28, 2022 11:06 pm Comments

Democrat US Representative Brad Sherman is hoping to ban cryptocurrency.

During a recent House Financial Services Committee meeting, Rep. Sherman stated that the rise of cryptocurrency needs to be “nipped in the bud”.

He followed up his statement by introducing a bill that would ultimately ban cryptocurrency.

Sherman claimed that the use of cryptocurrency is dangerous and raises a national security crisis; the lawmaker would go on to use Hamas’ acceptance of crypto as an example of how bad actors are taking advantage of cryptocurrency.

Sherman made no mention of any technological aspect of cryptocurrency which makes one wonder, would he be able to even explain what blockchain really is?

Fortune had more on the story:

Congressman Brad Sherman (D-CA) urged his colleagues to “nip this in the bud” and introduce a bill to outlaw all types of cryptocurrency during remarks at a House Financial Services Committee meeting yesterday.

“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions,” he said. “Clearing through the New York Fed is critical for major oil and other transactions.” Sherman used the example of Palestinian fundamentalist group Hamas asking for Bitcoin donations as a result of U.S. sanctions. Congress also challenged Iran’s attempt to develop its own cryptocurrency to circumvent sanctions back in December.

Earlier this month Serman also criticized Facebook for developing a cryptocurrency platform, tweeting “I guess they think it’s ok to mine and sell the privacy of ordinary Americans — as long as they help terrorists avoid detection and sanctions.” The current administration’s Securities and Exchange Commisssion has a very different stance on the matter.

Watch Rep. Sherman attempt to explain what cryptocurrency is here:

There’s a reason why we put Sherman at the top of our Web of Corruption:

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