US Rep Brad Sherman Compares Crypto with Cocaine

Key Takeaways:

• Representative Brad Sherman is one of the leading crypto skeptics in Congress.
• Sherman believes crypto is a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities.
• Sherman’s anti-crypto views have not gone unnoticed by the crypto community.

WISCONSIN (CoinChapter.com) — Representative Brad Sherman, a Democrat from California, is one of the leading crypto skeptics in Congress.

He hates cryptocurrencies and views them as a threat to US national security. In an interview on Bloomberg Crypto, Sherman continued expressing those views and rambled, “Peru is way ahead of us in cocaine production.

China is way ahead of us in organ harvesting. So we don’t need to keep up on those things, and we don’t need to keep up on crypto.”

Sherman’s Views on Cryptocurrencies

Sherman has been an outspoken critic of cryptocurrencies for years. He believes they are a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities.

In a congressional hearing in 2018, Sherman said that cryptocurrencies are only used by “tax evaders, terrorists, and criminals.” He also compared them to the early days of the internet, when it was a haven for illegal activities.

Sherman worries about individual investors being defrauded by scams and Ponzi schemes. He argues that any government or financial institution does not back cryptocurrencies, and their value is highly volatile and unpredictable.

Therefore, he believes individual investors must be equipped to make informed investment decisions and may lose their life savings in minutes.

The Influence of Big Banks and Financial Institutions

Sherman’s anti-crypto stance has 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.

Sherman denies any conflict of interest and argues that his views on cryptocurrencies are based on concern for US security. He also believes that cryptocurrencies could bypass financial sanctions and fund terrorism. He called for a complete ban on cryptocurrencies, arguing that they have no legitimate use and threaten the financial system’s stability.

Crypto Views of Other Lawmakers

Sherman’s anti-crypto views have not gone unnoticed by his peers. US Congressman Pete Sessions (R-Texas) holds the opposite view as Sherman. Sessions supports the crypto space and is vocal about it. More than a few lawmakers fully support cryptocurrencies.

It is clear that cryptocurrencies are here to stay, and their impact on the financial system will only continue to grow. The future of money is changing, and the time to adapt is now.