Supported By Anti-crypto Financial Institutions, Sherman Wants To Close Cryptocurrencies In The US

Congressman Brad Sherman (kakan), again calls for the closure of cryptocurrencies in the US. (photo: unsplash)

JAKARTA - Millions of people in the United States have made investments into digital forms through decentralized finance called cryptocurrencies. This digital currency is believed to value privacy and independence from government interference.

This has left politicians in Washington feeling hot and showering crypto with scathing criticism and wanting to shut down cryptocurrencies, such as Bitcoin and Ethereum, as things are beyond their control.

One of the biggest opponents of currency in Washington is Congressman Brad Sherman. This Californian Democratic Party member has previously been known to always call for cryptos to be banned.

At the Wednesday, June 30 hearing for the House Committee on Financial Services, Sherman again vehemently criticized cryptocurrencies. He even renewed his call for a ban on cryptocurrencies.

"Cryptocurrencies are something you can bet on, but if people want to have an animal spirit to take risks, I'd rather have them invest in the equity market to support the building of American companies, or the California lottery, to support schools in my state," said Sherman, who also criticized cryptocurrencies for being highly volatile.

This congressman also claims that cryptocurrency supporters are anarchists who just want to avoid taxes. “Cryptocurrencies have political backing from 'patriotic' anarchists who support tax evasion. I hope we close it," said Sherman.

But this Californian congressman is called crypto advocates without a clear basis for criticism. In fact, there are many errors in presenting the argument.

First, Sherman thought that his personal views on how to invest money should apply to all Americans. The congressman and his friends in Washington think they know better, and the public is too stupid to make decisions for themselves.

He is considered not to care about the financial situation faced by the US community itself. Such as being able to accept the risk of their investment, investment objectives, and much more.

Even his opinion that Americans are better off using their money to buy the California lottery, where the odds for the "Grand Prize" are 1 in 41.4 million, shows how intelligent a congressman is.

Sherman also misstates the difference between cryptocurrencies and the US dollar. He ignores a key difference: cryptocurrencies like Bitcoin are outside the control of a central government, and their price cannot be raised by a central authority. However, the US dollar can be inflated by the Federal Reserve when printing new money. This is a fact that is happening today.

In addition to his views, it is said that Sherman is also considered to be uninformed about cryptocurrencies which actually makes him look arrogant.

But behind it all lies a cynical answer that makes more sense. Some of Congressman Sherman's biggest donors are major US banks and mainstream financial institutions. During this time the bank's interests were threatened by the rise of cryptocurrencies.

During this time Congressman Sherman for the 2020 Campaign Committee was supported by the Blackstone Group, BlackRock Inc, the American Bankers Association, Charles Schwab Corp, the National Association of Credit Unions, Deloitte LLP, who have been strongly anti-cryptocurrency.

At this point, the public understands why Sherman is fiercely criticizing and wants to close cryptocurrencies, because it is suspected that his campaign donors left the order.