• Representative Brad Sherman is a leading crypto skeptic in Congress and views cryptocurrencies as a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities.
• He believes that individual investors must be equipped to make informed investment decisions since cryptocurrencies are not backed by any government or financial institution.
• Critics argue that his opposition to cryptocurrencies could be motivated by his close ties to big banks and financial institutions.
Brad Sherman: Crypto Represents a Threat to US Security
Representative Brad Sherman, a Democrat from California, is one of the leading crypto skeptics in Congress. He believes that cryptocurrencies are a threat to US national security and views them as tools for criminals and terrorists to launder money, evade taxes, and finance illegal activities. In an interview on Bloomberg Crypto, he compared crypto with cocaine production in Peru and organ harvesting in China.
Individual Investors Must Be Equipped To Make Informed Decisions
Sherman worries about individual investors being defrauded by scams and Ponzi schemes since cryptocurrencies are not backed by any government or financial institution. Their value is also highly volatile and unpredictable, which means individuals can lose their life savings in minutes if they do not equip themselves with the knowledge required for making informed investment decisions.
Ties To Big Banks And Financial Institutions?
Sherman’s anti-crypto stance has raised questions about his ties to big banks and financial institutions as campaign finance records show that he has received significant donations from them including JPMorgan Chase, Citigroup, Goldman Sachs etc. As a result some critics argue that his opposition to cryptocurrencies could be motivated by his close ties to these institutions although Sherman denies any conflict of interest stating that his views on cryptos are based on concern for US security rather than personal gain.
Cryptocurrencies Can Bypass Sanctions And Fund Terrorism
Sherman called for a complete ban on cryptocurrencies arguing that they have no legitimate use other than bypassing financial sanctions imposed by governments or financing terrorism which would threaten the stability of the global financial system if it went unchecked.
The Crypto Community Reacts To Sherman’s Views
Sherman’s anti-crypto views have not gone unnoticed by the crypto community who continue debating the pros and cons of digital currencies while trying to understand where exactly does Sherman stand when it comes down to regulating this industry?