The power of crypto worries a congressman

Americans continue to invest heavily in cryptocurrencies, a situation that the government strongly dislikes. Several politicians naturally display their skepticism and demand strict measures to counter the rapid expansion that cryptos are experiencing. According to the most recent LA Times report, US Congressman Brad Sherman is calling for an urgent and tough state response against bitcoin and other digital currencies.

Brad Sherman worries about the power of cryptocurrencies

The power and money of cryptocurrencies pointed out

Brad Sherman puts a layer on the supposed danger that cryptocurrencies represent. As chair of a sub-committee of the US Congressthe crypto-skeptic invites his colleagues to wage a merciless war against the crypto market. He believes that if left unchecked, digital currencies could not only bring US foreign policy to its knees. A situation that could definitively call into question the rule of law.

But Brad Sherman is not his first attack on cryptocurrencies. Indeed, a year earlier, he demanded the ban for US nationals to use or mine cryptos. He insists on strict regulations, because he fears the power and the money that cryptocurrencies containwhich he also equates to a “Ponzi scheme”. He acknowledges Washington’s negligence, which should have hardened its tone as soon as the cryptocurrency was launched: “We didn’t ban it at the beginning because we didn’t know it was important, and we don’t ban it now because there’s too much money and power behind it.” Aware that a ban on cryptos in the world we currently live in is impossible, Sherman calls on the Securities and Exchange Commission (SEC) to ensure their regulation.

A concern that divides the American political sphere

The issue of banning cryptocurrencies divides the American political class. Unlike Sherman, some members of congress are more of a crypto advocate. Among the most virulent, we find rather important politicians like the two senators Stabenow and John Boozman. Both submitted a bill in August. In fact, they want bitcoin and ether to be recognized as digital commodities. Even better, they expect both of these cryptocurrencies to be overseen by the Commodities and Futures Trading Commission (CFTC). A recognized body in the United States, because it regulates products such as aluminum or corn.

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