As reported by CCN - Bitcoin-slamming Democrat Congressman Brad Sherman is encouraging his associates to pass a law that would boycott cryptocurrency in the United States.
“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.”
Congressman made the comments May 9 at a gathering of the House Financial Services Committee. Sherman says the boycott is fundamental on the grounds that cryptocurrency takes steps to undermine the U.S. dollar and is valuable for illegal activities like money-laundering, drug-dealing, and tax evasion.
Sherman takes note of that cryptocurrency evangelists have made no mystery of their longing to supplant fiat cash. Also, that is unsatisfactory to him.
“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 bitcoin and 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.”
Congressman Sherman says he's frightened by the spike in the utilization of cryptocurrency for crime.
He indicated the case of Palestinian terror group Hamas, which has been requesting bitcoin donation because of the budgetary disengagement it's suffering because of US financial sanctions.
Hamas is a Palestinian Sunni-Islamist organize that is to a great extent subsidized by Iran. As Iran’s economy is disturbed due to U.S sanctions, it has started utilizing cryptocurrency and begun mining bitcoin to go around the approvals.
To Congressman Brad Sherman, this is an obvious case of how crypto is being utilized by criminals to debilitate American foreign policy.
For the individuals who are politically mindful, it's not astounding that Congressman Sherman eagerly contradicts use of cryptocurrency, though numerous democrats are receptive towards crypto.