Sherman’s New Role and Antics
Congressman Brad Sherman has been tossed into the hot seat as Chairman of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. This prestigious post means he’ll help oversee the likes of the Securities and Exchange Commission (SEC), the New York Stock Exchange, and yes, that musty ol’ fellow, the Financial Industry Regulatory Authority.
The Man Who Dislikes Cryptocurrency
Since 1997, Sherman has planted his feet firmly in the U.S. House of Representatives, wielding his political blade against cryptocurrencies as if they were dragons threatening to devour the political village. For those keeping score, he’s not just a naysayer—he’s a sensational emissary of the anti-crypto brigade.
Sherman vs. Internet? You Bet!
You might say that his colleague, Congressman Warren Davidson, has it right when he quips that Sherman seems intent on banning the internet itself. Davidson noted,
“In my view, [Sherman’s] goal is essentially to try to ban the internet.”
Brad Sherman believes that every digital coin is just a shiny object for money laundering and tax evasion. Talk about a narrow view!
Arguments Against Crypto
Sherman’s fundamental beliefs hinge on the idea that any money that dares to challenge the U.S. dollar is a direct threat to the American way of life. He throws around the term “outright ban” like it’s confetti at a parade celebrating traditional finance. Some critics, like Bitcoin bull Max Keiser, have taken to poking fun at Sherman’s stance.
A Gunfight with a Knife?
Keiser quipped,
“He has failed to take on board exactly what the dimension of this battle is going to be […] He doesn’t understand he’s already lost.”
Ouch! It appears that the battle lines are clearly drawn, but Sherman is showing no signs of backing down.
Cryptocurrency’s Disruptive Potential
In a twist of irony, Sherman has also acknowledged that cryptocurrencies could flex some serious muscle against the U.S. dollar. He said,
“Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives perhaps and displaces the U.S. dollar…”
It’s almost as if he’s admitting there could be a shadow of a chance that his nemesis might win! But do investors really want to lose money, or is that just another political punchline?
Conclusion: A Tug of War Ahead
As Sherman gears up to chair the cryptocurrency-hating squad, investors might want to keep a close eye on the dialogue around the cryptocurrency world. With powerful figures like Sherman at the helm, the future landscape could look remarkably different than it does today. And let’s be honest, it’s not just about crypto; it’s about the entire financial apparatus and everyone’s favorite greenback.
