Brad Sherman, a California Democrat, called for members of Congress to join him in introducing a bill to outlaw cryptocurrency purchases by Americans.
"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 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."
Outside of Bitcoin, there are hundreds of cryptocurrencies which are attempting to solve useful real-world problems.
Although many in the community have responded that Sherman is grossly overlooking the useful applications of cryptocurrency, the technology's utility in facilitating illegal activity shouldn't be understated, either.
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.
Congressman Sherman is referencing the role of the petrodollar in US foreign affairs.
"Whether it is to disempower our foreign policy, our tax collection enforcement, or our traditional law enforcement the purposes of cryptocurrency the advantages it has over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law.
The fact that Congresspeople are now seriously considering cryptocurrency a threat to the financial system and the rule of law is a testament to its traction and utility, both among criminals and honest users.
According to Sherman, cryptocurrency has the potential to "disempower" the United States and the US dollar, and that's both exciting and terrifying.
Ironically, just one year ago, in March of 2018, Rep. Sherman was educated by Peter Van Valkenburgh, Director of Research at CoinCenter, about the benefits of cryptocurrency for those in developing nations.
Congressman calls for a bill to outlaw cryptocurrency in the US
Publié le May 10, 2019
by Cryptoslate | Publié le Coinage
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