US Congressman, Brad Sherman, is not happy with the revolutionary power inherent in virtual currencies. He is then looking for support from his friends in Congress to draft a bill that would prohibit Americans from engaging with cryptos. Sherman was speaking at the House Financial Services Committee meeting.
Interestingly, what worries the Congressman is not the flaws but the strengths of cryptocurrencies. Additionally, he seems intimidated by crypto revolution for wanting to unseat the US dollar as the dominant currency in global transactions.
According to Sherman:
“An awful lot of our international powers comes from the fact that the US dollar is the standard unit of international finance transactions. Clearing through the New York Fed is critical for major oil and other transactions. It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have against Iran, for example, would become irrelevant.”
The Congressman added that the only advantage virtual currencies have over fiat is to dilute the power of the US in financial matters.
Although Sherman noted that crypto is being used to fund terrorism, a recent report indicated that crypto accounts for a tiny percentage of illicit activities compared to fiat. He even said that Facebook is building a cryptocurrency to further enhance the use of crypto by terrorists, drug dealers, and tax evaders.
Sherman, who is a Democrat, is arguably following in the footsteps of most Democrats who are close-minded on matters crypto. Republicans, on the other hand, are open-minded.
But, as it seems, the Congressman did little to dampen the crypto revolution. Some even saw it as a blessing in disguise.
“The video of his call to ban crypto is basically an awesome advertisement for cryptocurrency: He’s afraid it is superior to the US Dollar and will crush it, causing his government to lose control over the global financial system. This will be a gift that keeps giving, as we run it over and over in the years to come,” noted ebliever, a Redditor.
Another Redditor added:
“You can’t stop what’s coming; you can only ride it and use it to your advantage. Cryptocurrency is the future.”
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