In a recent interview on CNBC’s “The Exchange,” Rep. Brad Sherman expressed his strong opposition to the crypto ecosystem, stating that it is not a payments system and is detrimental to the United States. Sherman believes that cryptocurrencies enable tax evasion and other fraudulent activities.
When discussing cryptocurrency, Rep. Sherman referred to it as “hidden money,” suggesting that its purpose is to create a financial system that is impervious to the federal government and can be used by sanction evaders. He highlighted the recent actions taken by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase Global Inc, expressing his hope that these crackdowns will bring an end to crypto in the U.S.
Despite the recent price pullback, Rep. Sherman remains skeptical about the value of cryptocurrencies. He argues that there is no logical reason why bitcoin, for example, should be more valuable than “hamster coin.” He believes that many fraudsters have been attracted to the crypto market and predicts that it will eventually fade away.
It is worth noting that Rep. Sherman’s views on cryptocurrencies are not shared by all lawmakers or experts in the industry. While there are valid concerns about illicit activities and regulatory oversight, many believe in the potential of cryptocurrencies to transform finance and promote financial inclusion.
The SEC’s ongoing lawsuit against Ripple and the debate over whether XRP is a security or not further highlight the regulatory challenges surrounding cryptocurrencies. The outcome of this case could have significant implications for the industry as a whole.
In conclusion, Rep. Brad Sherman stands firmly against the crypto ecosystem, viewing it as a threat to the U.S. He argues that cryptocurrencies facilitate tax evasion and attract fraudsters. Despite the recent market pullback, Sherman associates no real value with cryptocurrencies and hopes that the SEC crackdown will bring an end to crypto in the U.S. However, it is important to acknowledge that there are differing opinions on this matter, and the future of cryptocurrencies remains uncertain.