'Bitcoin should be banned' says a Career Politician Brad Sherman
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‘Bitcoin should be banned’ says a Career Politician Brad Sherman

Brad Sherman, a U.S. lawmaker, has called for a blanket ban on cryptocurrency buying.

Congressman Brad Sherman has previously also given controversial statements on the crypto subject. In March this year, he called cryptocurrencies “a crock”. Now on Wednesday, during the hearing of a subcommittee for the House of Representatives Financial Services Committee, he went on advocating for keeping Americans out of the crypto market entirely.

A Congressional Financial Services Committee meeting turned alarmingly hostile to cryptocurrencies and blockchain technology as a whole where a ban on Bitcoin was also demanded. The hostility rooted initially from Democratic Representative Brad Sherman, who stated,”We should prohibit U.S. persons from buying or mining cryptocurrencies.

According to a senior political journalist who was in attendance at the meeting, Rep. Sherman believed that mining is so exceptionally energy intensive and so it is so much more environmentally damaging than it’s potential utility is worth and so considering this the government should ban it to eliminate the possibility of further destruction.

Surprisingly the biggest campaign contributor of Rep. Sherman was a credit card processing company only. The company named Allied Wallet was the contributor which describes itself as, “The preferred online merchant services company and online global payment gateway solution for businesses that need to accept online payments.”

Rep. Sherman was not the only person who uttered statements against the cryptocurrency at the hearing. A senior fellow at the R Street Institute named Alex Pollock also stated his view saying “A central bank virtual currency is one of the worst ideas in recent times.

Another Representative named Ryan Peterson said that “I’m someone who believes we should still be on the gold standard and I think we need to audit the Fed because I don’t trust them. Digital currencies are Ponzi schemes.

Additionally, Jerome Powell, Fed Chairman, stated “There are too few places taking crypto as payment and the value is too volatile to be a stable store of value. Cryptocurrencies undermine the U.S. sanctions regime against terrorists/adversaries. More risks and concerns in cryptocurrency than in its potential use.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.