US Rep Brad Sherman Compares Crypto to Cocaine
• Representative Brad Sherman is one of the leading crypto skeptics in Congress and views them as a threat to US national security.
• Sherman believes cryptocurrencies are a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities.
• Sherman has ties to big banks and financial institutions which have raised questions about his anti-crypto stance.
Representative Brad Sherman: Crypto Skeptic
Representative Brad Sherman, a Democrat from California, is one of the leading crypto skeptics in Congress. He believes that cryptocurrencies are a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities. In an interview on Bloomberg Crypto, he compared cryptocurrencies with cocaine production and organ harvesting, implying that they could be as dangerous.
Sherman’s Anti-Crypto Views
Sherman’s anti-crypto views have not gone unnoticed by the crypto community. In a congressional hearing in 2018, he said that cryptocurrencies are only used by “tax evaders, terrorists, and criminals” and compared them to the early days of the internet when it was a haven for illegal activities. He worries about individual investors being defrauded by scams or Ponzi schemes as any government or financial institution does not back cryptocurrencies whose value is highly volatile and unpredictable.
Influence of Big Banks & Financial Institutions
Sherman’s anti-crypto stance has raised questions about his ties to big banks and financial institutions such as JPMorgan Chase, Citigroup, Goldman Sachs who he has received significant donations from according to campaign finance records. Critics argue that his opposition to cryptocurrencies is motivated by his close ties to these institutions but he denies any conflict of interest arguing instead that his views on cryptocurrencies are based on concern for US security given their potential bypassing of financial sanctions or funding terrorism.
Call For Ban On Cryptocurrencies
Sherman called for a complete ban on cryptocurrencies arguing that they have no legitimate use case except potentially threatening the stability of the financial system . He also argued that individual investors must be equipped to make informed investment decisions given their unpredictability otherwise they may lose their life savings in minutes if unprepared .
Overall , Representative Brad Sherman is one of the leading crypto skeptics in Congress due largely to concerns over its use by criminals , terrorists , tax evaders etc . His close ties with big banks & financial institutions have led some critics to question whether this stance is motivated more by personal gain rather than national security concerns although he denies this . As such , he has called for an outright ban on cryptocurrency given its potential threats against US security .