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Congressman Brad Sherman Trashes Crypto During Recent Hearing

Tue, 12/13/2022 - 18:37
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Alex Dovbnya
The anti-crypto congressman claims that it would be wrong to view the disgraced FTX founder as just “one big snake” in crypto
Congressman Brad Sherman Trashes Crypto During Recent Hearing
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During a recent congressional hearing devoted to the collapse of the FTX exchange and the downfall of its founder Sam Bankman-Fried, Rep. Brad Sherman (D-CA) compared crypto to a “garden of snakes.”

“My fear is that we will view Sam Bankman-Fried as just one big snake in the crypto Garden of Eden. The fact is, crypto is a garden of snakes,” Sherman said. 

The Southern California congressman says that crypto aims to compete with the U.S. dollar as the world reserve currency and enrich “corporate billionaire bros.” 

Sanction evaders, drug dealers, and other criminals find crypto attractive, Sherman says. The lawmaker adds that tax evasion is also a big market for the nascent asset class. “But the big market is tax evasion, and I know that there are some on the other side who cheer every time a billionaire escapes taxes,” he added. 

CFTC Slaps FTX’s SBF with Fraud Charges
Calling Bankman-Fried “Inmate 14372,” Sherman argues that the disgraced FTX founder lobbied to keep the U.S. Securities and Exchange Commission (SEC) outside of crypto because he wanted “baby regulation” from the Commodity Futures Trading Commission (CFTC).  

Sherman is known as one of the harshest cryptocurrency critics on Capitol Hill who has been calling for a blanket cryptocurrency ban for years. In a recent interview, the congressman admitted that the U.S. was unlikely to prohibit crypto. He explained that the crypto lobby had become too powerful, which makes a total ban impossible for now. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at

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