Fri. Feb 23rd, 2024

• Representative Brad Sherman is a leading crypto skeptic in Congress and believes cryptocurrencies are tools for criminals and terrorists.
• Sherman has received significant donations from the financial sector, including JPMorgan Chase, Citigroup, and Goldman Sachs.
• He called for a complete ban on cryptocurrencies due to their ability to bypass financial sanctions and fund terrorism.

Representative Brad Sherman’s Anti-Crypto Views

Representative Brad Sherman, a Democrat from California, is one of the leading crypto skeptics in Congress. He views cryptocurrencies as a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities. In an interview on Bloomberg Crypto, he compared crypto with cocaine production and organ harvesting. He believes individual investors must be equipped to make informed decisions or risk losing their life savings in minutes.

Campaign Finance Records

Sherman’s anti-crypto views have not gone unnoticed by the crypto community. Some critics have questioned his ties to big banks and financial institutions since campaign finance records show that he has received significant donations from them including JPMorgan Chase, Citigroup, and Goldman Sachs. However, Sherman denies any conflict of interest and argues that his views are based on US security concerns.

Financial Sanctions

Sherman argues that cryptocurrencies could bypass financial sanctions and fund terrorism which is why he called for a complete ban on them due to their lack of legitimate use and potential threat to the financial system’s stability. He worries about individual investors being defrauded by scams or Ponzi schemes if they do not make informed decisions when investing in cryptocurrency assets.

Early Days of The Internet

In comparison to the early days of the internet which was viewed as a haven for illegal activities at first before it became mainstream; Sherman warns against this same thing happening again with cryptocurrency but this time without any government or financial institution backing it up; making its value highly unpredictable and volatile according to him..

Conclusion

Though some may argue that Representative Brad Sherman’s opposition towards cryptocurrencies is motivated by his close ties with big banks; he claims that his stance comes from concern for US security rather than any personal gain or conflict of interest. As such; individuals must be aware of scams or Ponzi schemes when investing in cryptocurrency assets in order not to lose their life savings in minutes as per his warnings .

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