• Brad Sherman is a US Representative from California and one of the leading crypto skeptics in Congress.
• He believes crypto is used by criminals and terrorists to launder money, evade taxes, and finance illegal activities.
• He has received donations from big banks such as JPMorgan Chase, Citigroup, and Goldman Sachs which raises questions about his ties to these institutions.
Representative Brad Sherman: Crypto Skeptic
US Representative Brad Sherman is one of the leading critics of cryptocurrencies in Congress. The Democrat from California views them as a tool for criminals and terrorists to launder money, evade taxes, and finance illegal activities. Sherman’s anti-crypto views have not gone unnoticed by the crypto community.
Sherman’s Views on Cryptocurrencies
In a congressional hearing in 2018, Sherman said that cryptocurrencies are only used by “tax evaders, terrorists, and criminals.” He worries about individual investors being defrauded by scams and Ponzi schemes. He argues that any government or financial institution does not back cryptocurrencies, and their value is highly volatile and unpredictable. Therefore, he believes individual investors must be equipped to make informed investment decisions or they may lose their life savings in minutes.
The Influence of Big Banks
Sherman’s anti-crypto stance has raised questions about his ties to big banks and financial institutions. According to campaign finance records, he has received significant donations from the financial sector including JPMorgan Chase, Citigroup, and Goldman Sachs which raises questions about his ties to these institutions. Sherman denies any conflict of interest but believes cryptocurrencies could bypass financial sanctions and fund terrorism so he called for a complete ban on them arguing that they have no legitimate use and threaten the financial system’s stability.
Crypto Community Response
The crypto community has responded strongly against Sherman’s views on cryptocurrency with some calling him out for having close ties with big banking institutions such as JPMorgan Chase, Citigroup or Goldman Sachs who may potentially benefit from limiting access to cryptocurrency investments for individuals outside their networks . Others argue that his opinions are based more on fear than facts since there are multiple new regulations being implemented globally aimed at providing better oversight into how cryptocurrency exchanges operate while also ensuring investor protection through KYC/AML compliance measures among other initiatives .
Conclusion
Overall Representative Brad Sherman’s views on cryptocurrencies remain negative despite it becoming increasingly mainstream amongst retail investors in recent years . While some argue that this might be due to potential conflicts of interests arising from receiving donations from big banks , others believe it stems from fearing what could happen if unchecked speculation leads to mass losses among ill-informed investors . Regardless it looks like this debate will continue as long as there isn’t any clear consensus between government officials , regulators , law enforcement agencies , traditional banking institutions & technology companies over what role should digital assets play in everyday lives & businesses