Ron Paul, a former U.S Congressman, and a Presidential Candidate have lashed out at recent comments made by Congressman Brad Sherman that the U.S should outlaw cryptocurrencies by stopping Americans from using it.
Brad Sherman as we reported late last week called from fellow lawmakers to join him in introducing a bill that will outlaw cryptocurrencies, for fear that the new invention strips the U.S of its international power conferred by the dollar.
Sherman’s thoughts, though, does not align with Ron's, who told Coindesk at the ongoing Consensus 2019 that Brad Sherman is “just another thug in Washington.”
He then alleged that Sherman and people like him are driven by power before going further to say,
“I think anarchy comes from the Brad Shermans of the world because they break down the world and that’s how you have anarchy in [Venezuela], because of [too much government].”
Ron also mentioned that the reason why regulators are against cryptocurrencies is that these tools “challenge the status quo of the monetary system.”
For instance, he pointed out that the current monetary system is not entirely under control with the U.S in a huge debt that is likely to escalate soon. The former Congressman said,
“That is the system, and we are flat out broke, we’ve been broke for some time. There will be liquidation when the debt gets this big, the debt has to disappear.”
Ron’s Crypto Regulatory Approach
With a place in Washington on the cards for Ron, he shared insights on how we would regulate the young industry. He suggested that he would adopt a light approach and at the same time try to "keep the government away from it".
Additionally, while pointing to the fraudulent activities that are prevalent in the crypto space, he said that the same was obtainable in the financial market even though there are regulators. He thus, suggested that he would prefer a decentralized regulatory system whereby Washington-based firms do not have the upper hand over local businesses.
As Stmarket.co has reported in the past, another U.S Presidential Candidate, Andrew Yang has also promised to regulate the new industry if appointed and seems to be the candidate of choice for crypto enthusiasts.