Congressman Brad Sherman calls for a complete ban on cryptocurrency, says Bitcoin only facilitates “nefarious transactions”



Congressman Brad Sherman, a vocal critic of the crypto industry, again called for a complete ban on cryptocurrencies. Sherman stated Bitcoin had no real use other than to finance illicit activities and warned about the risks cryptocurrencies pose to the governmental and monetary equilibrium in the U.S., ” he said in an interview with Bloomberg.

Cryptocurrencies ease nefarious activities, California Congressman States

While the attitude of the U.S. Congress towards Bitcoin has been mellowing down in the past few weeks, there’s still a strong political present fighting for a world without cryptocurrencies. Congressman Brad Sherman, a ranking member of the House Financial Services Committee, appears to be leading that present.

Sherman lately emerged Bloomberg TV to discuss the risks of Facebook‘s proposed cryptocurrency, Libra, saying that it poses an unprecedented threat to the U.S. market and national security. However, the discussion quickly turned to cryptocurrencies in general, together with Sherman saying they serve no purpose whether it’s to ease “nefarious trades. ”

His considers the the U.S. government should prohibit cryptocurrencies because they disempower the Federal government. Sherman pointed out there was a powerful libertarian and anarchist train at the U.S. that rejoices every time the federal government loses a little of its own power. This, he explained, just serves to weaken the country and goes against what both Democrat and Republican parties stand for.

Libra will become a Bitcoin offramp favored by criminals

To encourage his stance that Bitcoin is utilised to finance illegal activities, Sherman cited an unnamed “peer-reviewed” research that found that 46% of its trades are “for people that are doing things digitally under U.S. law. ”

But, unlike a few of the Congress colleagues, Sherman doesn’t seem to feel that Bitcoin is an unstoppable force. California’s San Fernando Valley representative suggested that Bitcoin is only a symptom of a bigger problem.

“Bitcoin is a little baby here. You can’t purchase a pack of chewing gum for a Bitcoin. It needs to get to an off ramp so you may then convert it into a sovereign money,” he said Bloomberg TV.

Librahe explained, solves this problem, because it might let “drug dealers” and other offenders to seamlessly get the money they could then spend on luxuries without having to depart the crypto world.

As anticipated, Sherman’s meeting was not well received by the crypto community. Many Twitter users advised his limited understanding of the crypto industry, saying that he was clueless about how Bitcoin actually functions. They cited numerous ways one may utilize Bitcoin to buy goods and services, which range from purchasing legal marijuana to purchasing a fresh Tesla.

We are yet to check if Sherman’s words are going to have any effect on any of the next hearings scheduled for Libra. Bitcoin, on the other hand, seems mainly unbothered because its price appears to be retaining upward momentum over $10,000.

The article Congressman Brad Sherman requires a complete ban on cryptocurrency, states Bitcoin only facilitates “nefarious transactions” appeared first on CryptoSlate.

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