• Representative Brad Sherman is an outspoken crypto skeptic in Congress.
• He believes that cryptocurrencies are a threat to US national security, used mainly by criminals and terrorists.
• He has received donations from big banks and financial institutions, raising questions of potential conflict of interests.
Representative Brad Sherman on Crypto
Representative Brad Sherman is a Democrat from California who is one of the leading crypto skeptics in Congress. In an interview on Bloomberg Crypto, he rambled that “Peru is way ahead of us in cocaine production” and compared crypto with it.
Sherman’s Views on Cryptocurrencies
Sherman believes that cryptocurrencies are a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities. He worries about individual investors being defrauded by scams and Ponzi schemes. He argued that any government or financial institution does not back cryptocurrencies and their value is highly volatile and unpredictable; therefore individual investors must be equipped to make informed investment decisions or may lose their life savings in minutes.
The Influence of Big Banks & Financial Institutions
Sherman’s anti-crypto stance has raised questions about his ties to big banks and financial institutions as he has received significant donations from the financial sector including JPMorgan Chase, Citigroup, and Goldman Sachs. Some critics argue that his opposition to cryptocurrencies might be motivated by his close ties with these institutions but Sherman denies any conflict of interest saying his views were based on concern for US security.
His Call for Banning Cryptocurrencies
Sherman called for a complete ban on cryptocurrencies arguing they have no legitimate use and threaten the financial system’s stability. Since then, his anti-crypto views have not gone unnoticed by the crypto community who view him as one of the leading opponents against digital assets like Bitcoin (BTC).
Ultimately, Representative Brad Sherman continues to express strong anti-crypto views due to concerns over US national security which raises questions if those views are influenced by connections with big banks & financial institutions who have donated significantly to him over the years.