U.S Congressman Urges Ban on Cryptocurrency

On Thursday, U.S. Congressman Brad Sherman asked his colleagues to join him in supporting legislation that would ban cryptocurrencies in the United States. The non-profit Coin Center confirmed the California Democrat’s statement by posting a video of his comments on Twitter.

Sherman has previously called for making digital currency transactions and mining illegal for U.S. citizens and residents, citing its potential use by criminals, terrorists, and other nefarious actors. In his latest comments, he went even further by asserting that one of cryptocurrency’s main goals is to diminish American power around the globe:

“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. In part because an awful lot 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 is 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 we have 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.”