Loss of control by Bitcoin? US Democrat calls for a ban on cryptocurrencies | BTC-ECHO
Sherman has been in the US House of Representatives since 1997 and is currently in eleven terms in Congress. The Californian is the highest-ranking Democrat in the Subcommittee on Asia and the second highest Democrat in the Subcommittee on Europe and Eurasia. He is also a member of the Financial Services Committee.
Already in the past, the congressman expressed negative about cryptocurrencies. At a hearing in March 2018, for example, Sherman did not care about Bitcoin. He spoke of tax fraud and investing as a pure gamble. Using cryptocurrencies, terrorists and criminals would move money around the world. Tax evaders and fraudulent start-ups would also have an easy time.
Bitcoin – a danger to the dollar
Now, in a meeting of the Financial Services Committee, he campaigned for fellow combatants in the fight against the supposed cryptographic evil:
I'm looking for colleagues who will come up with me to pass a bill to stop the purchase of cryptocurrencies by Americans so that we nip them in the bud.
In his remarks, he described the numerous aspects of the threat he believes Bitcoin poses. He was far more than the usual allegations that regularly appear in the media – terrorist financing and money laundering, for example. No, Sherman also sees the supremacy of the US threatened in the political and financial world:
Much of our international power is based on the fact that the US dollar is the standard unit for international finance and transactions. New York Fed clearing is critical to key oil and other transactions.
Cryptocurrencies: Attack on the rule of law?
A superiority of bitcoin against fiat money he recognizes quite, but in a negative sense:
Whether it is about outlawing our foreign policy, our tax collection or traditional criminal prosecution, crypto's advantage over state currency is merely to support the disempowerment of the United States and the rule of law.
Only a few days ago, the negative comments of US economist Joseph Stiglitz caused a stir in the media. He also spoke out in favor of a ban on Bitcoin and Co. Stiglitz sees, among other things in the anonymity of cryptocurrencies a risk of crime. CriptomonedaseICO reported.
Other countries are also struggling with the increasing interest of their citizens in Bitcoin & Co. For example, the crypto currency sector in China has been under close scrutiny since 2017. At that time, supervisors began banning ICOs and closing local cryptocurrency exchanges. France is considering a ban on privacy coins. The anonymity offered by these currencies would increase the risk of criminal activities, such as money laundering.
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