Despite ongoing efforts to provide clear regulations for the U.S cryptocurrency industry, Congressman Brad Sherman in an infamous move called for colleagues to join him to introduce a bill to outlaw the purchase and use of cryptocurrencies by Americans.
While speaking in a House Financial Services Committee session on the reason why he thinks cryptocurrencies should be outlawed, Rep Sherman compared it to a plastic gun which can be used to shoot a deer and also to carry out illegal activities.
He further explained that the U.S derives its international power from the fact that the dollar is a “standard unit of international finance and transactions.” Relating that to cryptocurrencies, the Congressman alleges that the supporters of the new form of money want to take that power away from the U.S.
Specifically, he claimed that allowing cryptocurrencies to thrive will make U.S sanctions on countries such as Iran “irrelevant,” because these nations can pay for foreign trades using cryptocurrencies instead of the dollar which the U.S has starved them of.
Continuing his speech, Congressman Sherman alleged that the advantage cryptocurrency has over sovereign currency is to “solely to aid in the disempowerment of the United States and the rule of law.”
Understandably, this is not that first time that the Congressman has made such a call against cryptocurrencies. According to Wiki, Sherman on March 14, 2018, called cryptocurrencies a “crook” before calling for a ban on July 2018 with allegations that only traffickers, terrorism and tax evaders use it to hide their crimes.
Meanwhile, in another development involving the U.S, we reported that both the SEC and CFTC acknowledged a rapid growth in the cryptocurrency industry and a need for officials at the agencies to gain a clearer understanding of digital assets.