• Representative Brad Sherman is a crypto skeptic and believes that crypto can be used to launder money, evade taxes, and finance illegal activities.
• He has received donations from the financial sector and this has raised questions about his anti-crypto stance.
• Sherman calls for a complete ban on cryptocurrencies as he believes they have no legitimate use and threaten the US financial stability.
Representative Brad Sherman’s Anti-Crypto Stance
Representative Brad Sherman, a Democrat from California, is one of the leading crypto skeptics in Congress. He believes that 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 in Peru and organ harvesting in China.
Questions About His Ties To Financial Institutions
Sherman’s views on cryptocurrencies have raised questions about his ties to big banks and financial institutions. According to campaign finance records, he has received significant donations from the financial sector, including JPMorgan Chase, Citigroup, and Goldman Sachs. As a result, some critics argue that his opposition to cryptocurrencies is motivated by his close ties to these institutions.
Call For A Complete Ban On Cryptocurrencies
Sherman calls for a complete ban on cryptocurrencies as he believes they have no legitimate use and threaten US security by bypassing financial sanctions and funding terrorism. He also worries about individual investors being defrauded by scams or Ponzi schemes due to the lack of government or institution backing them up. Furthermore, their volatile value makes it hard for individuals to make informed decisions resulting in potential life savings losses in minutes.
Denial Of Conflict Of Interest
Sherman denies any conflict of interest regarding his ties with big banks or financial institutions when it comes to expressing his anti-crypto stance. He argues that his views are based solely on concern for US security rather than any selfish interests he may have with those institutions’ donations towards him.
Opposition From The Crypto Community
Sherman’s anti-crypto views have not gone unnoticed by the crypto community who oppose him heavily over those beliefs; especially since most members of the community agree that cryptocurrency offers many advantages such as decentralization technology which allows users more control over their funds without relying on third parties or governments as well as keeping transactions faster and cheaper than traditional methods like bank transfers or credit cards payments .