US Congressman, Brad Sherman has called upon Congress to pass a bill that will ban all cryptocurrencies in the United States. The plot thickened when, upon a little digging, it was revealed that he has a credit card processing company as the largest donor to his campaign.
Sherman introduced his anti-crypto bill at a meeting of the House Financial Services Committee on May 9, where he pushed Congress to introduce legislation that would prohibit American citizens from buying and/or mining cryptocurrencies.
Today in Congress Rep. Sherman called for a bill to ban all cryptocurrencies.
This is why Coin Center is needed in DC now more than ever. pic.twitter.com/jgikm7z8bI
— Coin Center (@coincenter) May 9, 2019
Sherman proclaims that a ban on all cryptocurrencies is necessary because crypto threatens to undermine the US dollar.
He stresses that the US government’s international power comes from the US dollar being the standard unit of international finance and transactions. He furthermore claims that cryptocurrency can take that power away.
Adding to this, he states that the aim of cryptocurrency and its supporters is to disempower US foreign policy, tax collection enforcement, traditional law enforcement, and the United States rule of law.
During his speech, Sherman is clearly very unsettled about the potential impact cryptocurrency has over the economic reign of the US government. Thus, he makes bold and false claims that cryptocurrency is only useful for criminal activities like money-laundering, drug-dealing, and tax evasion.
Credit Card Processing Company Funding Sherman’s Campaign
Unsurprisingly, it appears that Sherman has a vested interest in bashing cryptocurrencies and attempting to ban them in the United States, as his largest campaign contributor is a credit card processing company.
This could lead one to believe that Sherman is in violation of campaign finance violations. For whoever is curious, Sherman’s campaign fundraising breakdown can be viewed at OpenSecrets.org, which show detailed fundraising data for his 2018 campaign.
Do you think the US would pass legislation and ban cryptocurrencies? Let us know what you think in the comment section below.