Congressman Brad Sherman, who represents California’s San Fernando Valley in the U.S. Congress, is a keen critic of the cryptocurrency industry. In his view, it undermines the dominance of the American dollar and is a threat to the country’s national security.
However, Sherman does not believe the government can prohibit the asset class “anytime soon” since there is too much money and power behind it.
Crypto Should Have Been Banned Years ago
Unlike some other American politicians, Brad Sherman is firmly against cryptocurrencies. He also thinks banning the asset class is a much better step than imposing regulations.
In a recent interview for Los Angeles Times, he argued that the government had made a mistake not prohibiting it years ago when there was less money concentrated in the sector:
“I don’t think we’re going to get [to a ban] anytime soon. Money for lobbying and money for campaign contributions works, or people wouldn’t do it; and that’s why we haven’t banned crypto. We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.”
Sherman’s main concerns are that digital assets could pose a systemic threat to America’s financial network and undermine the supremacy of the dollar. In addition, he claimed that wrongdoers could employ bitcoin and altcoins in their criminal operations, going under the radar of the…
