The controversial congressman, Brad Sherman is known to make dismissive remarks about cryptocurrencies. He has passed a statement stating that, US people should be prohibited from buying or mining cryptocurrencies.
Earlier in month of March, he dissed crypto industry and labeled cryptocurrencies as a ‘crook’, while hearing of a subcommittee for the House of Representatives Financial Services.
Dear Congressman @BradSherman,
Today you said US citizens should be prohibited from buying or mining cryptocurrencies.
Maybe stop printing more dollars? Or spending more than we make? Or we could outlaw criminals from using cash?
Focus on the important things.
— Pomp 🌪 (@APompliano) July 18, 2018
This time congressman targeted crypto assets and stated the government must consider keeping Americans away from the market. He believes that at present crypto can be used for tax preventions and bypassing US sanctions.
Further, panelists, Nobert Michel, Heritage Foundation director for Center for Data Analysis, who had defended the idea that crypto must not be defined by a small element of criminals who use it.
“Yes it is true that criminals have used bitcoin. But it’s also true that criminals have used airplanes, computers and automobiles. We shouldn’t criminalize any of those instruments simply because criminals used them”.
CBDC is the concept of opposition
Even though there were much of the hearing general monetary policy and ban history purchasing and mining cryptos, there was opposition in the meeting to the concept of CBDC. However, this is in regards that some major central banks that come together to use blockchain technology as a monetary system. Thus, in order to boost efficiency and transparency concerning crypto assets.
Allex Pollock, a senior person at R Street Institute criticized the idea of CBDC at the hearing and said;
“A terrible idea – one of the worst financial ideas of recent times”.
Anyways, now the present scenario seems to too hot on blanket ban crypto buying and mining all over the US. Significantly, each one need widespread the positive aspect of crypto assets to compensate the negativeness.
Image Source: Brad Sherman