Congressman opposes the crypto market, calls for a ban

Brad Sherman, a congressman from California’s San Fernando Valley, is a vocal opponent of the crypto market. He believes it threatens the nation’s security and undercuts the dominance of the American dollar.

Sherman argues that there is too much money and power behind this asset class for the government to be able to outlaw it “anytime soon.”

In a recent interview with the Los Angeles Times, he claimed that the government had failed by not outlawing it earlier when the sector was less financially concentrated. He stated:

“I don’t think we’re going to get [to a ban] anytime soon. Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto. We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.”

Sherman proposes a crypto ban

Brad Sherman, in contrast to certain other American lawmakers, is strongly opposed to crypto. A ban on the asset class, in his opinion, would be a lot better course of action than regulations.

Sherman’s major worries are that digital assets could threaten America’s financial system and threaten the dollar’s supremacy. In addition, he asserted that criminals may use bitcoin and altcoins to hide their activities from law enforcement.

The Congressman went on to compare crypto investments to a Ponzi scheme because most buyers of digital assets sell them at a profit later on.

“Cryptocurrency is a meme you invest in, in the hopes that you can sell it to somebody else before it tanks. That’s the nice thing about a Ponzi scheme,” Sherman continued.

Sheman is not the only crypto critic. Previously, billionaire Charlie Munger called crypto a venereal disease and praised China for banning the activities. The 98-year-old also added that he will never “touch” the sector.