• Representative Brad Sherman is one of the leading crypto skeptics in Congress. He believes crypto is a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities.
• Sherman has close ties to financial institutions such as JPMorgan Chase, Citigroup, and Goldman Sachs. Critics argue that his opposition to cryptocurrencies is motivated by these ties.
• Sherman calls for a complete ban on cryptocurrencies, arguing that they have no legitimate use and threaten the financial system’s stability.
Representative Brad Sherman’s Views on Cryptocurrencies
Representative Brad Sherman, a Democrat from California, is one of the leading crypto skeptics in Congress. He believes cryptocurrencies are a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities. In 2018 congressional hearings he claimed that cryptocurrencies are only used by “tax evaders, terrorists, and criminals”. He also compared them to the early days of the internet when it was a haven for illegal activities.
Financial Institutions Backing Sherman’s Views
Sherman’s anti-crypto views have not gone unnoticed by the crypto community who have questioned his ties to big banks and financial institutions such as JPMorgan Chase, Citigroup, and Goldman Sachs from whom he has received significant donations according to campaign finance records.
Sherman Calls For A Crypto Ban
Sherman worries about individual investors being defrauded by scams and Ponzi schemes due to their lack of knowledge about volatile cryptocurrency values which are not backed by any government or financial institution. He argues that any government or financial institution does not back cryptocurrencies therefore he calls for a complete ban on all types of cryptocurrency claiming that they have no legitimate use and threaten the US’s financial system’s stability while also providing avenues for terrorism funding through bypassing sanctions imposed on countries like North Korea or Iran.
Crypto Community Response
The crypto community has responded negatively too this view with many criticising him for his close ties with big banks who may be threatened by cryptocurrency taking away their market share in terms of international payments or remittances where traditional banking fees would be cut out if replaced with digital currency transactions that cost little or nothing at all in comparison.
In conclusion Representative Brad Sherman continues to express his anti-crypto views due possibly influenced by his close ties with major banks despite criticism from members in both congress as well as members within the crypto community itself who fear further restrictions based on his views could stifle innovation within this space before its even given an opportunity to grow into something more meaningful than simply speculation across exchanges worldwide today