Congressman Brad Sherman Wants To Ban Cryptocurrencies In The United States

The Democrat Congressman Brad Sherman wants to ban cryptocurrencies in the United States by passing a new law. He wants his colleagues to join him and introduce this bill to outlaw digital currency purchases by Americans.

Congressman Wants To Ban Crypto Purchases

Sherman seems to have a very hard stance toward digital assets. The Congressman from California said on May 9 that cryptocurrencies could undermine the U.S. dollar and it is only useful for criminal activities such as money-laundering, drug-dealing and tax evasion.

He has also explained that crypt enthusiasts want to replace fiat currencies, which is something unacceptable.

O the matter, he commented:

“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil and other transactions.”

He said that crypto supporters support Bitcoin, which would not allow American sanctions to be effective in countries such as Iran. Support for digital assets would undermine U.S. capabilities abroad, tax collection enforcement or even traditional law enforcement.

He has also attacked Bitcoin and cryptocurrencies because there are terrorists using Bitcoin for funding their operations. This is the case of the terrorist group Hamas that has requested several times donations in Bitcoin. ISIS has also asked supporters to send Bitcoin donations because they are more difficult to be traced and provide more anonymity than other systems.

Congressman Sherman shows that these are just some examples of how cryptocurrencies are being used by criminals and other countries in order to avoid US sanctions and control. Thus, Bitcoin and digital assets are detrimental to America’s foreign policy.

There are several Republicans in favour of digital currencies that are trying to improve their presence in the whole market. One of five U.S. Securities and Exchange Commission (SEC) commissioners, Hester Peirce, is pro-Bitcoin and has been nicknamed “Crypto Mom.”

Congressman Brad Sherman is completely against virtual currencies and digital assets. He believes that they go against the United States and that virtual currencies are used by criminals and terrorist groups around the world.