Congressman Brad Sherman has recently incensed some controversy after proposing a Blanket ban on cryptocurrency buying in the United States at the hearing of a subcommittee for the House of Representatives Financial Services Committee. The lawmaker has been known for making such remarks on the crypto technology, calling cryptocurrency “a crock” earlier this year.
He later implied that since the authentication of an individual is harder digitally, anyone with a thorough knowledge can make up fake personas, it can be misused by people who want to manipulate funds. This might facilitate tax invasion and many other criminal activities. He also said that he would prefer keeping Americans out of the crypto market entirely stirring up a lot of conversations regarding the issue.
Norbert Michel, one of the panelist at the hearing dismissed the statement by stating that like criminals might use cryptocurrencies, they have used airplanes, computers, and automobiles as well. Imposing bans on every service and instrument a criminal might use is impractical. “We shouldn't criminalize any of those instruments simply because criminals used them." He later added.
Even though the hearing mainly revolved around general monetary policies, the proposition of the US lawmaker reveals how people are still very much against the digital currency. Banks are still hesitant and many have already shown their distrust towards cryptocurrency and refused to show their support.
The hearing raised a lot of questions about how misunderstood the concept of cryptocurrency itself is with a statement, like “A terrible idea - one of the worst financial ideas of recent times" from one of the committee members, Alex Pollock during the hearing.
Contrary to the negativity towards cryptocurrency, chairman Andy Barr pointed out that cryptocurrency will "continue to have a greater and greater impact on our financial system," before concluding the session