During a June 30 hearing hosted by the House Financial Services Oversight Subcommittee, Rep. Brad Sherman (D-CA) called cryptocurrencies "highly volatile":
Cryptocurrencies are highly volatile. So, if one person makes $1 million and retires at age 49, and nine lose $100,000, Coinbase makes money. The millionaire goes on TV and tells how wonderful it is, and the nine others do not retire in dignity but instead become eligible for Medicaid...I hope we shut it down.
Sherman claims that he would rather let people make bets in the stock market or the California lottery.
He believes that cryptocurrencies are only suitable for circumventing Know Your Customer (KYC) guidelines and evading taxes, which is why they should be shut down:
Cryptocurrencies have the political support of patriotic anarchists who are rooting for tax evasion. I hope we shut it down.
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In his opening statement, Al Green (D-TX) called attention to concerns surrounding the risks that cryptocurrencies pose to individuals and the broader financial system.
Meanwhile, Tom Emmer (R-MN) claims that crypto makes it possible for consumers to access convenient financial services:
In general, tech lowers the barriers to entry to the traditional financial system and offers all consumers, no matter where they are, the ability to access convenient financial services at low competitive rates, and cryptocurrency is no exception.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Gamza Khanzadaev
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov