U.S. Congressman Introduces a Bill to Outlaw Cryptocurrencies

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Yesterday at The United States House of Representatives Congress, Brad Sherman introduced a bill to outlaw cryptocurrencies. Bradley James Sherman is an American politician serving as a Democratic member of the United States House of Representatives since 1997.

“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans…”

Brad Sherman

Outlaw cryptocurrencies because…

So the general reason for him to call out a bill on banning cryptocurrencies is because he thinks that because of crypto, the United States along with the dollar is losing power.

“An awful amount of our international power comes from the fact that the dollar is the standard unit of international finance and transactions clearing through the New York Fed. Critical for major oil and other transactions. And it is the announced purpose of the supporters of cryptocurrency to take that power away from us. To put us in a position where the most significant sanctions on Iran, for example, would become irrelevant. So whether it is to disempower our foreign policy our tax collection enforcement or our traditional law enforcement, the purposes of cryptocurrency, the advantage it has over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law,” he said in his speech.

Openly admits that crypto is more advantageous than Dollar.

This is not the first time when Brad Sherman is bashing cryptocurrencies. Earlier his argument was that terrorists, money launderers and drug dealers are using crypto. This statement as such is absurd because the US Dollar is the most used currency when we are talking about terrorism, money laundering or drug dealing. Many Tweeters were surprised that he actually mentioned the real reason why the U.S. would want to ban cryptocurrencies. Centralization and power over others. Well, that is the main reason why Satoshi Nakamoto created Bitcoin.

Brad Sherman’s illegal financial activity

A crypto analyst @TheCryptoDog on his Twitter profile published publicly available evidence that one of the top Brad Sherman’s 2017-2018 campaign contributors was an online payments processor “Allied Wallet”.

It is a provider of e-commerce merchant services and online payment services. A sector which is possibly at risk if crypto becomes more widely adopted. Allied Wallet, on the other hand, has been forced by the U.S. Justice Department to forfeit $13.3 million because of illegally acquired funds. They traced the money to illegal gambling sites at offshore websites, including Isle-of-Man based pokerstars.com. Now he sounds a little bit like a hypocrite. It is a battle between the old-school lovers and the new-school admirers. Old-school lovers believe that the world should be divided into privileged and unprivileged people. Him along with the U.S. being the privileged ones.

You can’t ban cryptocurrencies

This was one of the top topics in 2017 when the biggest crypto bull run occurred. What happens if governments ban cryptocurrencies? Well, the price would drop and some existing businesses would suffer, but Bitcoin and crypto as such would stay. Only then it would be an underground thing and users would want to hide their activities even more. This would once again prove that banning something only makes it more appealing.

Best advertisement about cryptocurrencies

On the other hand, people are calling this the best advertisement for cryptocurrencies. A government official openly admitting that Bitcoin is a worldwide form of money which disrupts the government issued currency? Of course! That is why Bitcoin was created. And not only to disrupt the US Dollar, but fiat in general.