Rep. Brad Sherman wants crypto banned in the U.S.

  • Representative Brad Sherman believes that cryptocurrencies are bad for the United States.
  • He does not believe that cryptocurrencies have any real value.
  • Despite this, Bitcoin has increased in value by over 50% since the beginning of the year.

According to Rep. Brad Sherman, crypto is not a payment system and is detrimental to the United States.

Rep. Sherman opposes the crypto ecosystem

He is against the entire crypto ecosystem, as it facilitates tax evasion and other fraudulent activities.

During an interview on CNBC’s “The Exchange”, Rep. Sherman stated that cryptocurrency is “hidden money” and said:

If you listen to the promoters, they say they’re trying to create a financial system that’s impervious to the federal government so that it’s available for sanction evaders.

The U.S. Securities and Exchange Commission has recently filed complaints against Binance and Coinbase Global Inc, which has since lost nearly 20% in value. Rep. Sherman “hopes” that the crackdown will put an end to crypto in the United States.

Rep. Sherman sees no real value in crypto

Despite Bitcoin’s recent pullback, it has still increased in value by over 50% since the beginning of the year, making it a major outperformer.

However, Rep. Sherman still sees no real value in cryptocurrencies. During his interview, he also stated that Sam Bankman-Fried, the founder of the collapsed FTX exchange, is not the only fraudster that regulators should go after.

Crypto has attracted so many charlatans. It’ll fade because there’s no logical reason why bitcoin is more valuable than hamster coin. It’s an attempt to make trillions by making a currency.

It is worth noting that the SEC has thus far failed to prove that Ripple (XRP) is a security in an ongoing lawsuit since 2020.

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