Brad Sherman (D., California), a well-known cryptocurrency opponent, has criticized bitcoin as having “no societal value.”
Speaking with CNBC, the congressman representing 30The tenth The District of California reiterated his view that bitcoin has little intrinsic value and is only useful as a means of tax evasion.
But he optimistic That once KYC and anti-money laundering rules come into effect, cryptocurrency loses its advantages as a means of tax evasion.
He argues that Bitcoin cannot do much to build the US economy because nothing supports it.
Brad Sherman: Opinions are a minority on Capitol Hill
One of Sherman’s arguments against bitcoin is that it aspires to be a currency to rival the dollar. He says it comes from an anti-establishment culture that aims to attack “the forces of society”. It was this feeling expressed During House Financial Services Commission Crypto chiefs hearing in December 2021.
Sherman’s views are the exception rather than the rule among his colleagues on Capitol Hill, as politicians seek to provide a coherent regulatory framework to oversee the industry. The California congressman wants the sector to come under the jurisdiction of the Securities and Exchange Commission due to the agency’s size and the similarity of cryptocurrency to securities.
On the other hand, the recent Responsible Financial Innovation Bill called for Lummis-Gillibrand to take some cryptocurrencies out of the SEC’s jurisdiction and place them under the CFTC’s oversight.
Like Sherman, who is concerned with investor protection, the Responsible Financial Innovation bill seeks to address the issue of investor protection while encouraging financial innovation. However, Sherman did not indicate that he views cryptocurrencies as innovative.
In another blow to the pressure from Sherman, Senators Debbie Stabeno (D-MI) and John Bozeman (R-AR) recently introduced a bill aimed at bringing most cryptocurrencies under the jurisdiction of the CFTC.
Sherman admits that cryptography has a lot to do with it
The congressman has placed any hopes he might have on banning cryptocurrencies. speak to me Los Angeles Times On September 4, 2022, Sherman lamented that contributions by major crypto-industry advocates to politicians’ campaigns had eliminated any chance of a crypto ban.
In May 2022, be[In]Crypto reports that FTX CEO Sam Bankman-Fried has funneled more than $30 million into super PACs. These entities promote or lobby for specific political candidates to defeat them. A group called the Financial Freedom PAC sought to oust Sherman for Aarika Rhodes, a believer in Bitcoin’s ability to democratize finance. Rhodes Lost The midterm primaries are set for June 2022 and now awaits the general election in November 2022.
One of the founders of the Financial Freedom PAC said in May 2022 that the fight for bitcoin would be a marathon, not a sprint.
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