Brad Sherman (D., California), a well-known crypto opponent, has called Bitcoin “no social value”.
Speaking to CNBC, the congressman representing California’s 30th district reiterated his opinion that Bitcoin has little intrinsic value and is only useful as a means of tax evasion.
But he is optimistic that once know-your-customer and anti-money laundering rules come into play, cryptocurrencies will lose their value as a means of tax evasion.
Bitcoin, he argues, has little to do with building the US economy because it’s not backed by anything.
Brad Sherman: Views are in the minority on Capitol Hill
One of Sherman’s arguments against bitcoin is that it wants to be a currency that competes with the dollar. He says it stems from an anti-establishment culture aimed at attacking the “powers that be in society.” This opinion was expressed during a House Financial Services Committee hearing for crypto bosses in December 2021.
Sherman’s views are the exception rather than the rule among colleagues on Capitol Hill, where politicians are trying to create a coherent regulatory framework to oversee the industry. The California congressman wants to bring the sector under the jurisdiction of the Securities and Exchange Commission due to the agency’s size and crypto’s similarity to securities.
On the other hand, the recent Lummis-Gillibrand Responsible Financial Innovation bill advocated taking some cryptocurrencies out of the jurisdiction of the SEC and into the purview of the Commodities and Futures Trading Commission.
Like Sherman, who is in charge of investor protection, the Responsible Financial Innovation Bill seeks to address the issue of investor protection while promoting financial innovation. However, Sherman has not indicated that he sees cryptocurrencies as innovative.
In another blow to Sherman’s lobbying, Senators Debbie Stabenow (D-MI) and John Boozman (R-AR) recently introduced a bill aimed at bringing most cryptocurrencies under the jurisdiction of the CFTC.
Crypto has been through too much, Sherman concedes
The congressman has dashed all hopes of a cryptocurrency ban. Speaking to the LA Times on September 4, 2022, Sherman lamented that the contributions of key crypto industry advocates to political campaigns have wiped out any chance of crypto being banned.
In May 2022, Be[In]Crypto reported that FTX CEO Sam Bankman-Fried had poured over $30 million into super political action committees. These entities promote specific political candidates or campaign for their defeat. A group called the Financial Freedom PAC tried to oust Sherman in favor of Aarika Rhodes, who believes in Bitcoin’s ability to democratize finance. Rhodes lost the midterm primary in June 2022 and is now awaiting the November 2022 general election.
One of the founders of the Financial Freedom PAC said in May 2022 that the fight for bitcoin will be a marathon, not a sprint.
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