íàçâàíèå

Bitcoin Hurts Govt ‘Control’ Of Dollar, Senator Lets Slip in Speech

US senator Brad Sherman called cryptocurrencies “harmful” in a government meeting March 14, appearing to accidentally admit they reduce government control of the dollar.


Sherman: Crypto Is A ‘Crock’

Speaking during a hearing of the Subcommittee on Capital Markets, Securities, and Investment (Committee on Financial Services), titled “Examining the Cryptocurrencies and ICO Markets,” Sherman decried the alleged lack of “social benefit” attached to Bitcoin investment.

“Cryptocurrencies are a crock. What social benefits to they provide?” he began his brief speech to the Subcommittee by saying.


Bitcoin Hurts Govt ‘Control’ Of Dollar, Senator Lets Slip in Speech

Bitcoin and altcoin prices dipped sharply this week as pressure continues to drive a repetitive boom-and-bust cycle, with BTC/USD fluctuating between around $6,000 and $11,500.

Markets were briefly reassured February 6 following what commentators viewed as support from US national regulators on future legislation. Sherman, however, appeared to share none of the SEC and CFTC’s views that a hands-off, enabling approach was best.

“They allow a few dozen men to sit their pajamas and tell their wives they’re going to be millionaires, they help terrorists and criminals move money around the world, they help tax evaders, they help startup companies commit fraud, take the money and one percent of the time they actually create a useful business,” he continued.



Bitcoin ‘Hurts US Government Contr—”

Reacting on social media, the increasingly broad cryptocurrency commentariat condemned Sherman for his shortsighted, specifically highlighting the irony implied by a freudian slip during which he stopped himself from saying Bitcoin hindered government control over fiat.

“It hurts the US government in two ways: our contr… our ability to have the US dollar as the chief means of international finance is what has underpinned our ability to impose sanctions,” Sherman blundered on.


Leveling particular scorn at ICOs, Sherman’s other appraisals of Bitcoin included their “gambling” nature and being popular with those who read the novels of Ayn Rand:

[…]They’re popular with those who have read ‘Atlas Shrugged’ and ‘[The] Fountainhead’ and believe that these are the new cannons – they new divinely-inspired documents of our age.

What do you think about Brad Sherman’s comments? Let us know in the comments below!

Images courtesy of Shutterstock, Huffingtonpost.com

15.03.2018 / 03:40 177
Coinbase to Congress; More Clarity not Regulation Needed Coinbase to Congress; More Clarity not
Coinbase spokesman Mike Lempres told a congressional hearing that more regulation would only add to the confusion of the hodgepodge regulatory
At DC Hearing, Coinbase Calls Out Federal Regulators For Harming Innovation At DC Hearing, Coinbase Calls Out
At a hearing in Washington DC, Coinbases Chief Legal and Risk Officer claimed that the current regulatory system is harming healthy innovation of
U.S. Govt. Crypto Subcommittee Hearing: “Poor or Rushed Policy in Cryptocurrencies Threatens Our Reputation in Finance and Technology” U.S. Govt. Crypto Subcommittee Hearing:
Today, under Chairman Rep. Bill Huizenga of Michigan, the Subcommittee on Capital Markets, Securities, & Investment held a hearing (watch it here
US Congress Debates ICOs, Cryptocurrency Regulation in House Subcommittee Hearing US Congress Debates ICOs,
“I believe this is probably hello, not goodbye.” Thus said Rep. Bill Huizenga (R-MI) as he adjourned Wednesday’s US House Capital Markets,
Strong Words, Little Action: ICOs Draw Fire at US Congress Hearing Strong Words, Little Action: ICOs Draw
"Congress has a responsibility to ensure that investors are protected without unduly preventing growth." So said U.S. Rep. Randy Hultgren of Illinois
ICOs Go to Washington: What to Expect When Congress Talks Crypto ICOs Go to Washington: What to Expect
Cryptocurrencies are heading back to Capitol Hill on Wednesday. On March 14, a subcommittee of the U.S. House of Representatives Financial Services
Comments (0)
Add a comment
Comment on