US Congressman Brad Sherman Calls for US Ban on Cryptocurrencies

Toshi Times ^ | 10 May 2019 | By Rasmus Pihl

[amorphous]

A US Representative is urging his colleagues to join him in implementing a nationwide US ban on cryptocurrencies. This cryptocurrency-averse stance comes as the Representative fears that cryptocurrency could replace the US dollar if not immediately curbed. Sherman: ”Cryptocurrencies are only useful for criminals”

Specifically, the Congressman in question is the notoriously Bitcoin-averse California Democrat Representative Brad Sherman (D). He made these recent comments during a meeting of the House Financial Services Committee on May 9th.

Sherman argued that a US ban on cryptocurrencies is necessary in order to counter, what Sherman claims, are cryptocurrency-specific hazardous effects. Moreover, Sherman made the case that cryptocurrencies pose a threat to the US dollar and could potentially undermine it.

[amorphous]

Moreover, Sherman made the case that cryptocurrencies pose a threat to the US dollar and could potentially undermine it.

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IMHO, our Federal Government is the main culprit when it comes to undermining the financial stability of the US monetary system, primarily through uncontrolled, wasteful spending by bought and paid for 'Representatives' like Mr. Sherman, who are guaranteed to steer laws and regulations in favor of those who monopolize our means of doing business with one another.

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Brad Sherman
Representative (D - CA)
Financial Services
Foreign Affairs

Guess who his top contributors are!

TOP CONTRIBUTORS 2017 - 2018

https://www.opensecrets.org/members-of-congress/summary?cid=N00006897

[butlerweave]

Facebook is bringing the GlobalCoin to you out there in the Whole World ,D’oh

[gaijin]

Because criminality hates competition.

[Scrambler Bob]

What, Me Worry II ?

[glock rocks]

I don’t know what the hell to think any more. Got a 401 and a bag of silver, but I do not trust crypto a bit.

[fhayek]

Because we can’t have a fiat currency based on nothing but the good faith of the creator and the caprice of marketplace...

[Karl Spooner]

It must be good if a politician is against it, especially a dem politician..

[Dr. Sivana]

I don’t see how you COULD outlaw it. There are so many ways to rework it. Heck. you could tie it to Beanie Babies or something tangible, but stored in a vault somewhere.

[TigersEye]

I know what you mean but I find it hard to trust the Federal Reserve too.

[Da Coyote]

If: DemocRat wants it.
Then: It is a totally idiotic idea.

[E. Pluribus Unum]

Freedom is so inconvenient to authoritarian dictators.

[E. Pluribus Unum]

Got a 401 and a bag of silver, but I do not trust crypto a bit.

Then you should definitely not have any.

And since you don't like it, nobody else should be allowed to have it either.

Ahd WTF is a "401?"

Is that a rifle caliber?

[Dilbert San Diego]

Where is Bitcoin located? Aren’t the ledgers and records of Bitcoin transactions online, and not in the physical world? There is no Bitcoin bank branch to walk into, is there? If the computers which track Bitcoin are in other countries, how could America ban Bitcoin ?

Two examples I can think of which caused me to wonder about this. Number one— much internet pornography is distributed from other countries and not from America.

Number two— Internet Sports gambling is based in other countries not in America.

In both of those cases many American consumers are going online and finding things that are not american-based internet transactions. If Bitcoin were banned by, if Bitcoin were banned by America, the equipment keeping track of the transactions would simply be located elsewhere.

[Dilbert San Diego]

I think he/she means a 401k retirement plan account.

[Lemon Curry]

Cryptocurrencies are the ultimate expression of libertarian economics.

Whether they are a good idea or not depends on how libertarian you are.

[Dilbert San Diego]

If Bitcoin is banned, they will simply run it out of another country, and convert to dollars when people want to make withdrawals to spend their Bitcoin funds.

[E. Pluribus Unum]

I know he does, but I doubt that he does.

[roadcat]

So, over the last 100 years the dollar has dwindled to the buying power of a nickel compared to back then.

And people wonder why houses here cost more than $1 million dollars. The house didn't become that much more valuable; the dollar became much less valuable. 1/20th of a million dollars is $50,000 - still ten times more than what homes used to cost, but because of supply and demand it is reasonable. My dad had bought a house in 1950 for $6000, we sold it over 40 years ago, and the same house is now worth $2.5 million.

The lesson - invest in real estate, because they aren't making more of it. But the government prints lots of dollars with no value backing it up.

[Freedom4US]

Do you trust that guy?

We could get in a discussion on the nature of coin, currency, credit, etc, but generally political goons like that are an excellent contrary indicator.

The logic or argumentation is flawed. The article quotes him as saying the “only” reason to use these bitcoins or whatever, is for illegal purposes. I don’t think that’s true. We’ve heard similar arguments against US currency.

The simple fact that good things can be misused by bad people doesn’t mean cash, or bitcoin, needs to be completely banned. That’s idiotic. Whenever someone starts making a really stupid argument I get suspicious.

[Shadow44]

I’m not turning over my crypto, from my cold dead hands.