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U.S. Congressman Calls for Shutting Down Cryptocurrencies

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Wed, 06/30/2021 - 14:44
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Alex Dovbnya
Democratic Congressman Brad Sherman claims that he would rather let people buy lottery tickets than cryptocurrencies
U.S. Congressman Calls for Shutting Down Cryptocurrencies
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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.

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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 alex.dovbnya@u.today.