Bitcoin, which has roared back over the last few weeks after what many feared was a terminal decline since its peak in late 2017, has long been called a threat to the existing financial system and the central banks that run it—though these claims have in the past been largely fringe ideas.
The bitcoin price, now hovering around $8,000 per bitcoin, double what it began the year at, is often closely tied to public awareness of cryptocurrencies and the latest bitcoin bull run beginning in early April re-started the public debate on bitcoin.
Now, U.S. Democrat Congressman Brad Sherman has urged his colleagues to consider banning bitcoin and cryptocurrencies due to the threat they pose to U.S. international financial power, saying bitcoin needs to be “[nipped] in the bud.”
“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions,” Sherman said at a meeting of the House Financial Services Committee last week.
DOJ opens probe into Harvard’s financial aid for alleged discrimination against American students
Bodycam catches Sunny Hostin invoking her legal chops as cops cite Harvard-grad son for trespassing
Trump says first call with new UK PM Burnham went ‘very well,’ pledges US support
Lindsey Graham’s Sister Announces She’s Running for Full Senate Term
Rand Paul releases docs that reveal FBI halted border inspection of virus researcher over Wuhan lab links
Johnson’s strategy to bypass Democrats’ SAVE Act blockade survives key vote, handing GOP big win
Socialist insurgents force moderate Democrats into high-risk showdown over must-hold races
Top media networks put on notice after refusing to air Trump’s primetime address: ‘Serious concerns’
5 dead in attempt to save a struggling swimmer in Ohio river
Repeat offender busted again less than 24 hours after release in brazen jewelry store theft case: police
Warren’s latest ‘kiss of death’ endorsement sparks mockery over disastrous political picks
Lee Gilley begs for Italian protection as alleged squatter targets home where pregnant wife was killed
Illegal immigrant who murdered Michigan woman sues Trump, demands $75M, public apology, US citizenship
Craziest Video You’ll See Today: Trans Adult Jumps Like Toddler After ‘Misgendering,’ Dares Cop to Arrest Him, Then the Fun Starts
Five dead after group attempts to save struggling swimmer in Ohio
“Clearing through the New York Fed is critical for major oil and other transactions. 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 against Iran, for example, would become irrelevant.”
Bitcoin, which allows its users to move value around the world beyond the sight and reach of governments and law enforcement, is often criticized for its ability to help terrorists, criminals, tax evaders.
“So whether it is to disempower our foreign policy, our tax collection enforcement or traditional law enforcement, the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law,” Sherman added.
Sherman, who has previously called bitcoin and cryptocurrencies “a crock”, added the U.S. should prevent people from buying or mining cryptocurrencies.
Following Sherman’s attack on bitcoin and cryptocurrencies, Anthony Pompliano, bitcoin advocate and founder of Morgan Creek Digital Assets, hit back, saying any such laws would be “nearly impossible to enforce”—though Sherman is right to be worried and trying to ban “bitcoin will drive more adoption.”
DOJ opens probe into Harvard’s financial aid for alleged discrimination against American students
Bodycam catches Sunny Hostin invoking her legal chops as cops cite Harvard-grad son for trespassing
Trump says first call with new UK PM Burnham went ‘very well,’ pledges US support
Lindsey Graham’s Sister Announces She’s Running for Full Senate Term
Rand Paul releases docs that reveal FBI halted border inspection of virus researcher over Wuhan lab links
Johnson’s strategy to bypass Democrats’ SAVE Act blockade survives key vote, handing GOP big win
Socialist insurgents force moderate Democrats into high-risk showdown over must-hold races
Top media networks put on notice after refusing to air Trump’s primetime address: ‘Serious concerns’
5 dead in attempt to save a struggling swimmer in Ohio river
Repeat offender busted again less than 24 hours after release in brazen jewelry store theft case: police
Warren’s latest ‘kiss of death’ endorsement sparks mockery over disastrous political picks
Lee Gilley begs for Italian protection as alleged squatter targets home where pregnant wife was killed
Illegal immigrant who murdered Michigan woman sues Trump, demands $75M, public apology, US citizenship
Craziest Video You’ll See Today: Trans Adult Jumps Like Toddler After ‘Misgendering,’ Dares Cop to Arrest Him, Then the Fun Starts
Five dead after group attempts to save struggling swimmer in Ohio
“While many people will claim Brad Sherman doesn’t know what he is talking about, I would argue that his statement highlights that the Congressman knows exactly what is happening,” Pompliano wrote in a blog post. “He sees the increased probability that we are moving to a world where non-sovereign currencies are the default and it sounds like he is scared.”
“Mr. Sherman realizes that the United States, and other countries with major currencies, will lose considerable power if they are no longer in control. While his understanding of the technology’s potential is accurate, it appears that the Congressman does not understand the improbability of being able to ban ownership of these decentralized digital currencies. The laws could be created but they would be nearly impossible to enforce.”
Meanwhile, a survey out this week found the percentage of people in the U.S. holding cryptocurrencies doubled over the last year, with almost three-quarters of those asked (74%) now aware of bitcoin and cryptocurrencies.
“Over the past few years, the digital asset and blockchain sector has faced massive shifts,” said Frank Fu, chief executive of HBUS, the U.S. partner of the Singapore-based Huobi bitcoin and cryptocurrency exchange, which carried out the research. “Despite the volatile crypto markets, we’re seeing governments and businesses adopting blockchain technology at a rapid pace.”
Story cited here.
