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  • Congressman Sherman is concerned about the cryptocurrency outweighing the US dollar.
  • Some members of the crypto community opposed the decision.

Brad Sherman, a member of the United States Congress, has come forward to ban crypto completely. Sherman requested a ban on all crypto assets based on his concern about cryptocurrencies outweighing the US dollar. He said:

“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud, in part because an awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and 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 on Iran, for example, would become irrelevant.”

Cryptocurrencies have been on the radars of countries like Iran, Russia, and Venezuela as a way to evade international sanctions. The United States has also restricted domestic investors from investing in the Venezuelan cryptocurrency, Venezuelan Petro.

Sherman gave further credence to his statement saying:

“Whether it is to dis-empower our foreign policy, our tax collection enforcement, or our traditional law enforcement, the purposes of cryptocurrency – the advantage it has over sovereign currency – is solely to aid in the dis-empowerment of the United States and of the rule of law.”

Crypto community reacts to the Congressman’s statement

The Crypto Dog: @BradSherman was so concerned about $crypto users using #cryptocurrency for deceptive and illegal financial activity, yet his top campaign donation came from a company that had to forfeit $13.3 million to the US Government for facilitating illegal gambling.

Crypto Kimbo: Your war on #bitcoin will be as successful as the #WarOnDrugs.  The genie ain’t going back into the bottle!

Anthony Pompliano: Congressman Brad Sherman wants to outlaw cryptocurrencies. He has been in office for 22 straight years. More than twice as long as Bitcoin has existed. Maybe we should outlaw lifelong politicians?! Thankfully, Bitcoin will be around long after Mr. Sherman 🙂

Charles Hoskinson: Disgusting and pathetic.