A California lawmaker shows that he has no idea how cryptocurrency works
Congressman Brad Sherman says that the US government should ban crypto
California Congressman Brad Sherman must be a fan of economist Joseph Stiglitz. Sherman has said that he wants to introduce a bill in the US that would outlaw purchases made with cryptocurrency because crypto is facilitating illicit activity and is only good “if you’re a tax evader or a drug dealer or a terrorist.” Sherman should take a more serious interest in learning about subjects before trying to control them.
During a meeting held yesterday by the Committee on Financial Services, Sherman asserted that crypto is supplanting the US dollar with regards to illicit activity. He added, “I’ll point out though that as we deal with illicit finance focusing on our banking system and our currency, cryptocurrency is moving in to fill the role…[there are detailed instructions on] how it’s secure and secret [and] how it can meet your needs if you’re a tax evader or a drug dealer or a terrorist.”
From the International Monetary Fund to the World Bank to the Drug Enforcement Agency (DEA), it has already been shown that terrorists are not using crypto. In fact, it has been proven that fiat is still the preferred payment method of terrorists and drug dealers. One DEA representative actually said that she wished more pushers would use crypto, because it’s easier to track.
He added, “I would regard cryptocurrencies as the plastic gun of currency. That is to say, it can be used for a legitimate purpose. You can shoot a deer with a plastic gun but the fact is the advantage it has over traditional mechanisms is singularly a benefit for those who wish to commit crime.”
Once again, he showed the typical hypocrisy of fiat fans who look for a reason to bash crypto where none exists. If Fiat has been proven to be more dangerous than crypto, then fiat should be banned.
There is no financial solution possible that is exempt from crooks and scammers. Since money was created there has been fraud and theft and nothing will ever change this. In addition to giving individuals back control over their money, crypto allows for immutable, instant payments from anywhere to anywhere in the world. Ultimately, anyone trying to argue against crypto does so because they are backed by big banks, all of which are singularly worried about losing their control.
Unfortunately for those entities, the wheels are already turning and crypto is here. It is gaining in adoption on a continuous basis and this isn’t going to be reversed. Even if a government wanted to ban crypto, it is almost impossible to do and would require an amount of resources that would make the efforts cost more than what they hoped to save.