Summary
- US Representative Brad Sherman is a leading crypto skeptic in Congress.
- He believes cryptocurrency is a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities.
- Sherman has close ties to big banks and financial institutions, leading some to believe his opposition to cryptocurrencies is motivated by those relationships.
Representative Brad Sherman
US 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, he compared cryptocurrencies with cocaine production and organ harvesting.
Sherman believes they are a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities. He also worries about individual investors being defrauded by scams and Ponzi schemes because any government or financial institution does not back cryptocurrencies.
Big Banks & Financial Institutions
Sherman’s anti-crypto views have not gone unnoticed by the crypto community. Campaign finance records show that he has received significant donations from the financial sector including JPMorgan Chase, Citigroup, Goldman Sachs which led some critics to believe that his opposition to cryptocurrencies could be motivated by his close ties with these institutions. However Sherman denies any conflict of interest between him and these institutions and insists that his views are based on concern for US national security.
Banning Cryptocurrencies
In order to protect citizens from being defrauded due investments in cryptocurrencies; Sherman called for a complete ban on all digital currencies arguing that they have no legitimate use cases other than funding terrorism which would threaten the stability of global economy if unregulated or adopted widely enough.