Democrat Brad Sherman Wants A Cryptocurrency Ban In The US

In the latest cryptocurrency news, we are talking about regulation – specifically the statement of a US Democrat Brad Sherman and his urge to pass a law that would ban the use of cryptocurrency in the United States.

The Congressman Sherman, who is originally from California, made his remarks yesterday at a meeting of the House Financial Services Committee. As the Democrat Brad Sherman said, the ban is necessary because cryptocurrencies threaten to undermine the US dollar and are only useful for criminal activities such as money laundering, drug dealing as well as tax evasion.

“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud,” he said.

Moreover, the Democrat Brad Sherman noted that the cryptocurrency evangelists made no secret of their desire to replace fiat currency – which is totally unacceptable for him. As he said in a statement that was featured on many best cryptocurrency news sites:

“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil and other transactions.”

“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 we have against Iran, for example, would become irrelevant.”

“So whether it is to disempower our foreign policy, our tax collection enforcement or traditional law enforcement, the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law,” Sherman concluded.

Notably, he also said that he is alarmed by the spike in use of cryptocurrencies for criminal activity. According to Democrat Brad Sherman, there has already been an example of crypto use within the Palestinian terrorist group Hamas which has been soliciting Bitcoin donations as a result of the US economic sanctions.

According to Congressman Brad Sherman, this is a clear-cut example of the use of cryptocurrency by criminals and its harmful effects on the American foreign policy – a statement which was shared in the coming altcoin news.