During a recent hearing held by the United States House Committee on Financial Services, Democratic Congressman Brad Sherman stated that he is on the side of "new coins" that are entering the market.
The rationale behind this seemingly crypto-friendly stance stems from Sherman's belief that the proliferation of countless coins will be "the undoing" of the industry.
"There is really a battle that hasn't quite broken out yet between the old coins and the new coins," Sherman said.
The 70-year-old lawmaker has been consistently one of the most anti-crypto voices in Congress. He has repeatedly highlighted a litany of crypto's nefarious use cases while openly expressing hope for the industry's demise. Sherman has also called for imposing a blanket ban on Bitcoin.
In 2022, he also stated that the Ripple-linked XRP token is an unregistered security.
Dan BurginSherman's most recent take mirrors the criticism of prominent anti-crypto pundits of the likes of gold bug Peter Schiff. The former tends to argue that Bitcoin is not really scarce since a plethora of altcoins are being launched on a daily basis.
The California congressman voiced a similar opinion last year, facetiously predicting that Bitcoin could be replaced by HamsterCoin, Cobracoin, or Mongoosecoin. Ironically, the doggedly anti-crypto lawmaker inspired the creation of the aforementioned memecoins.
Vladislav Sopov
Dan Burgin