Crypto Opponent to Chair Congress Subcommittee on Investor Protection
Maxine Waters, Chairwoman of the House Financial Services Committee announced Sherman as the Chairman of the Subcommittee. Meanwhile, Sherman will oversee the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority and the New York Stock Exchange.
Sherman Against Crypto
Brad Sherman is an American politician who serves the Democrats as a member of the United States House of Representatives; and has been in the position since 1997. Sherman is popular for his formidable opponency against Bitcoin and cryptocurrencies.
In fact, Sherman’s colleague on the Financial Services Committee as well as procrypto congressman, Warren Davidson told press that Sherman really likes nothing in the crypto industry. Davidson further added that:
“In my view, [Sherman’s] goal is essentially to try to ban the internet. He’s like ‘we’re going to ban crypto, we need to ban crypto; the only reason to have any crypto asset is to launder money and evade taxes. Go back, rewind the tape. Every hearing on crypto, that’s Brad Sherman. He doesn’t like the space.”
Sherman’s past and recent financial sentiments reveal his opposition on any currency; that is challenging the US dollar as a global reserve. The congressman argued for an outright ban on all cryptocurrencies. Meanwhile, Sherman’s negated stand against crypto has earned him numerous criticism from Bitcoin Bull Max Keiser.
Keiser stated that Sherman:
“Is going to a gunfight with a knife”
Keiser further noted that:
“He has failed to take on board exactly what the dimension of this battle is going to be [...] He doesn’t understand he’s already lost.”
Crypto Could Replace Dollar as a Global Reserve Currency
However Sherman seemingly gave what likened to giving weight to Bitcoin as a disruptive financial tool that could probably take power from the dollar. In October Sherman said:
“Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives perhaps and displaces the U.S. dollar or interferes with the U.S. dollar being virtually the sole reserve currency in the world.”