• Representative Brad Sherman is a leading crypto skeptic in Congress.
• He views cryptocurrencies as a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities.
• There are allegations that his anti-crypto stance is being influenced by donations from financial institutions.
Representative Brad Sherman: A Crypto Skeptic
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 an interview on Bloomberg Crypto, Sherman compared cryptocurrencies with cocaine production and organ harvesting.
Sherman’s Views on Cryptocurrencies
According to Sherman, any government or financial institution does not back cryptocurrencies and their value is highly volatile and unpredictable. Therefore, he worries about individual investors being defrauded by scams and Ponzi schemes. He also argues that cryptocurrencies could bypass financial sanctions and fund terrorism. As such, he has called for a complete ban on them since they have no legitimate use and threaten the financial system’s stability.
Influence of Big Banks & Financial Institutions
The crypto community has raised questions about Sherman’s ties to big banks and financial institutions due to campaign finance records showing significant donations from these entities including JPMorgan Chase, Citigroup, Goldman Sachs etc. Critics suggest that his opposition to cryptocurrencies may be motivated by these close ties rather than genuine concern for US security as claimed by him.
Reactions from the Crypto Community
Sherman’s anti-crypto views have not gone unnoticed by the crypto community who have been vocal in their criticism of him over the years calling out his alleged conflict of interest with respect to banks & other financial institutions as well as pointing out that cryptocurrency can be used for many legitimate purposes such as remittances & payments which would help millions of people around the world who lack access to traditional banking services & payment systems.
In conclusion, Representative Brad Sherman remains one of the most prominent crypto skeptics in Congress with his views having not changed much since 2018 when he first expressed them in a congressional hearing while noting that cryptocurrencies only used by “tax evaders, terrorists, and criminals.” While there are suspicions that his stance may be influenced by donations from banks & other financial institutions which would constitute a conflict of interest it cannot be denied that cryptocurrency does pose certain risks which need to be addressed if it is ever going to reach widespread adoption among mainstream users.