The Best Advertisement for Cryptocurrency in History by Rep. Brad Sherman

The Best Advertisement for Cryptocurrency in History by Rep. Brad Sherman

US Congressman, Brad Sherman has called upon Congress to pass a bill that will ban all cryptocurrencies in the United States.

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.

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.

Sherman said:

“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and 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.”

“So whether it is to disempower our foreign policy, our tax collection enforcement or traditional law enforcement, the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law.”