Congressman Brad Sherman, a vocal critic of the crypto industry, has called for a complete ban on cryptocurrencies. Sherman said Bitcoin had no real use other than to fund illicit activities and warned about the risks cryptocurrencies pose to the political and financial stability in the U.S., he said in an interview with Bloomberg.
Cryptocurrencies only facilitate nefarious activities, California Congressman says
While the attitude of the U.S. Congress towards Bitcoin has been mellowing down in the past couple of weeks, there is still a strong political current fighting for a world without cryptocurrencies. Congressman Brad Sherman, a ranking member of the House Financial Services Committee, seems to be leading that current.
Sherman recently appeared on Bloomberg TV to discuss the dangers of Facebook‘s proposed cryptocurrency, Libra, saying that it poses an unprecedented threat to the U.S. economy and national security. However, the discussion quickly turned to cryptocurrencies in general, with Sherman saying that they serve no function unless it’s to facilitate “nefarious transactions.”
His believes that the U.S. government should prohibit cryptocurrencies because they disempower the Federal government. Sherman pointed out that there was a strong libertarian and anarchist train in the U.S. that rejoices every time the federal government loses a bit of its power. This, he explained, only 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 support his stance that Bitcoin is used to fund illegal activities, Sherman cited an unnamed “peer-reviewed” study that found that 46 percent of its transactions are “for people who are doing things illegally under U.S. law.”