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Congressman Brad Sherman, an outspoken critic of Bitcoin, is urging his colleagues to pass a bill that would ban all cryptocurrencies in the United States.
At a House Financial Services Committee meeting on May 9th, the House Democrat from California and hardcore Bitcoin critic said that he is looking for colleagues to join him to bring the legislation that will make it illegal for Americans to purchase cryptocurrencies to “nip this in the bud.”
“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil and other transactions.
“It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have against Iran, for example, would become irrelevant.
“So, whether it is to disempower our foreign policy, our tax collection enforcement or traditional law enforcement, the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law.”
According to Sherman, the ban is necessary for various reasons: undermining the value of the dollar is first and criminal activities such as financing terrorism, money laundering, drug-dealing, and tax evasion are being second. in addition to that, the ban will also help the country to protect its standing as a political and economic powerhouse. Whether or not Sherman will gain support from his colleagues is unclear.
Sherman used the example of Izz el-Deen al-Qassam Brigades, the Gaza-based military wing of Palestine’s Hamas which has started urging their supporters to donate in cryptocurrencies through an online portal. He also talked about Iran that is in the midst of a financial crisis due to harsh U.S. sanctions that have brought its economy on knees. This forces Iran to utilize cryptocurrencies and the country even started mining Bitcoin to circumvent the sanctions. To Congressman Brad Sherman, “this is a clear-cut example of how crypto is being used by criminals to disempower American foreign policy.”
He also bashed Facebook for developing a platform that supports crypto payments and tweeted, “I guess they think it’s ok to mine and sell the privacy of ordinary Americans — as long as they help terrorists avoid detection and sanctions.”
Previously, a number of Congressmen have supported cryptocurrencies and blockchain technology. in fact, they attempt to pass bills that allow citizens to pay with Bitcoin or other cryptocurrencies and embraced blockchain technology in a various government department for a variety of applications. For Brad Sherman, it is still vague if he will be able to get support enough to pass the new legislation.