Main navigation

Is This the End of Crypto? This U.S. Congressman Hopes So

Thu, 06/15/2023 - 06:00
article image
Alex Dovbnya
U.S. Congressman Brad Sherman recently stated his hopes for the end of the digital currencies
Is This the End of Crypto? This U.S. Congressman Hopes So
Cover image via
Read U.TODAY on
Google News

In a recent CNBC interview, U.S. Congressman Brad Sherman openly expressed his hope for the end of cryptocurrencies, a stance that will ruffle the feathers of crypto enthusiasts. 

"I hope so, don't think so," was Sherman's succinct response when asked if the ongoing crackdown signaled the end of cryptocurrencies in America.

His caustic comment follows recent regulatory actions taken by the SEC against major cryptocurrency exchanges, Binance and Coinbase.

The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

Crypto Ban Won't Happen Anytime Soon, Says U.S. Congressman
He dismissed crypto's claimed advantages for everyday users, stating, "At one point, they were $3 trillion, and they didn't make it easier or cheaper to buy a sandwich at Subway. If you go to Subway, you can use a debit or credit card. If you have crypto, you have to change it into money, then transfer it to your debit card, and then buy a sandwich."

What's Next for Shiba Inu? Shytoshi Kusama Hints at a Tangible Twist
Sherman expressed skepticism at the high valuation of certain cryptocurrencies, arguing there was "no logical reason why Bitcoin is more valuable than Hamster Coin or Cone Tribe Coin". He suggested that the market's obsession with these digital currencies had drawn "charlatans", but predicted that crypto would "fade because of crypto".

Despite his harsh criticisms, the Congressman stopped short of calling for complete regulatory extinction, suggesting the market might self-regulate.

article image
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