Congressman Brad Sherman from California has made some controversial remarks about the cryptocurrency industry, stating that America does not need to keep up with it and that it should be outlawed. During a congressional hearing in 2019, he compared cryptocurrencies to cocaine, saying that they both “fuel illicit activities” and that they are “a pump-and-dump scheme, unlike anything the world has ever seen.” He also compared the use of cryptocurrencies to “organ harvesting.”
"There's this fear of missing out," says Rep. Brad Sherman.
"Peru is way ahead of us in cocaine production. China is way ahead of us in organ harvesting. We don't need to keep up on those things and we don't need to keep up on crypto" https://t.co/tXUfAkaXK5 pic.twitter.com/cs6zJxj639
— Bloomberg Crypto (@crypto) May 9, 2023
No Need to Keep Up on Crypto
Sherman’s views on cryptocurrency are clear: he does not believe that the technology has any place in society and that its risks far outweigh any potential benefits. He has argued that cryptocurrencies facilitate money laundering, tax evasion, and other illegal activities. He also believes that the lack of regulation in the industry is a major problem, as it allows bad actors to take advantage of unsuspecting investors.
JUST IN: 🇺🇸 US congressman says maybe we do print money out of thin air, but we're the US government.
— Watcher.Guru (@WatcherGuru) May 10, 2023
In addition to his concerns about the risks associated with cryptocurrency, Sherman has also been critical of the industry’s response to regulation. He argues that stakeholders in the crypto industry do not want real regulations and that they are actively working against efforts to create a regulatory framework for the industry. According to Sherman, the industry’s lack of willingness to work with regulators suggests that they have something to hide.
Despite Sherman’s strong views on cryptocurrency, the community has largely been unimpressed with his remarks. Many see his comparison of crypto to cocaine and organ harvesting as extreme and unwarranted. They argue that technology has the potential to revolutionize the way we think about money and finance. Others believe that regulation is necessary but that it should be done in a way that supports innovation and growth rather than stifling it.