As per records, there is always somebody somewhere who tries to slap bans on the crypto industry, be it implementing a crypto exchange or crypto mining and buying. It’s U.S. Congressman, Brad Sherman this time, who said that U.S. people should be prohibited from buying or mining cryptocurrencies. Sherman is a long time crypto naysayer and he is no stranger to dismissing cryptocurrencies.
Congressman Threatens Crypto Mining And Buying
Brad Sherman is known for making dismissive remarks pertaining to the crypto industry. Way back in March this year he labeled cryptocurrencies as a “crock”. Sherman is back in news for his negative comments during a subcommittee hearing held this Wednesday for the House of Representatives Financial Services Committee.
Sherman in his comments attacked crypto this time, as reported in Crypto Disrupt. He said that the government should think about Americans and keep them out of the cryptocurrency market completely. Brad Sherman quite unsurprisingly has the credit card processor Allied Wallet as one of his largest donors. While he believes that crypto has the potential to be a future form of currency, he thinks that at the moment, it is used mainly for bypassing U.S. sanctions and tax evading purposes.
Opposition To Central Bank Digital Currency (CBDC)
While a major part of the hearing was revolving around monetary policy and attacks on crypto mining and buying, there was also a general opposition to the concept of a Central Bank Digital Currency (CBDC). A lot of the committee members warned that if such a central system exists, it would amplify the risk of bank runs with a lot of major institutions already recoiling against the idea. Brad Sherman wasn’t the only one who was thinking that implementation of CBDC and the restriction of crypto mining and buying are bad ideas. A few questions were raised though on this.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]