Brad Sherman (D., Calif.), a well-known opponent of crypto, describes bitcoin as having “no social value.”
Speaking with CNBC, 30. Congressmen representingth The District of California reiterated its opinion that bitcoin has little intrinsic value and is only helpful as a vehicle for tax evasion.
But he is optimistic that once Know Your Customer and anti-money laundering rules are in place, cryptocurrency loses its merit as a vehicle for tax evasion.
He argues that bitcoin can do little to build the US economy because it is not backed by anything.
Brad Sherman: Views on Capitol Hill are in the minority
One of Sherman’s arguments against bitcoin is that it aspires to be a currency that competes with the dollar. He says it comes from an anti-establishment culture designed to attack “the forces of society.” This sentiment was expressed during the House Financial Services Committee hearing for Crypto Boss in December 2021.
Sherman’s views are the exception rather than the rule among colleagues on Capitol Hill, where politicians try to bring in a coherent regulatory framework to oversee the industry. Because of the agency’s size and resemblance to cryptocurrencies, California Congressmen wanted to bring the area under the jurisdiction of the Securities and Exchange Commission.
On the other hand, the recent Lumis-Gillibrand Responsible Financial Innovation Bill advocated that some cryptocurrencies be taken out of the jurisdiction of the SEC and placed under the purview of the Commodities and Futures Trading Commission.
Like Sherman, which concerns itself with investor protection, the Responsible Financial Innovation Bill seeks to address the issue of investor protection while promoting financial innovation. However, Sherman has not indicated that he views cryptocurrencies as innovative.
In another blow to Sherman’s lobbying, Senators Debbie Stabeno (D-MI) and John Boozman (R-AR) recently introduced a bill intended to bring most cryptocurrencies under the ambit of the CFTC.
Crypto Is Too Much Behind It, Sherman Admits
The Congressman has dashed any hope of cryptocurrencies being illegal. talking to LA Times On September 4, 2022, Sherman lamented that the contributions of prominent crypto industry advocates to politicians’ campaigns had eliminated any possibility of crypto being illegal.
In May 2022, Be[In]Crypto reported that FTX CEO Sam Bankman-Fried had funneled more than $30 million into Super Political Action Committees. These institutions promote specific political candidates or lobby for their defeat. A group called the Financial Freedom PAC sought to oust Sherman in favor of Arika Rhodes, who believes in bitcoin’s ability to democratize finance. Rhodes lost the mid-term primary in June 2022 and now awaits the general election in November 2022.
One of the founders of the Financial Freedom PAC said in May 2022 that the fight for bitcoin would be a marathon, not a sprint.
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