US Congressman, Brad Sherman, who is quite popular for his anti-crypto stance, showered some fresh criticism on the crypto-market during Facebook’s Libra digital currency hearing held on 23 October.
Crypto’s ‘Objectives’ According to Sherman
Earlier in May this year, Sherman had called for a crypto-ban saying that it threatened America’s foreign policy and the rule of law in the country. However, even this was not the first time Sherman was speaking against cryptocurrencies.
As early as March 2018, Sherman had called cryptocurrencies a tool for aiding criminals and terrorists. In two different events, again, Sherman, first, called for a prohibition on the American citizens who were engaged in buying and mining cryptocurrencies; and then, remarked the persons who support initial coin offerings are ‘charlatans and scammers’ who have ‘always favored decentralized new enterprises’.
With such a background, Sherman’s warning does not come as a great surprise. In fact, Sherman has been an outspoken opponent of any money that had challenged the US dollar. He had, famously told Facebook CEO Mark Zuckerberg in May that he wasn’t there to be anti-Facebook and that he was ‘anti-cryptocurrency back when you [Zuckerberg] were anti-cryptocurrency’.
Sherman stressed that a financial instrument like cryptocurrency can cause a disruption in the market and consequently remove the dollar from its present power position.
According to Sherman, cryptocurrency ‘either doesn’t work’ or it ‘achieves its objective’ of ‘displacing the US dollar’ and of ‘interfering with the US dollar being virtually the sole reserve currency in the world’.
The opinions on cryptocurrencies have been on the two sides of the pole, those sharing the mindset of Sherman and denouncing crypto and those hailing the industry and condemning negative sentiments against it. However, it is yet to be seen and proven, which side prevails right in the long run.