According to recent reports, Congressman Brad Sherman criticized cryptocurrency as it challenges the dominance of the US dollar around the world. Go through the entire article to learn more about this news piece.
Brad Sherman’s statements
During an interview in Los Angeles, Brad Sherman said “I don’t think we’re going to get [to a ban] anytime soon. Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto. We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.” “Cryptocurrency is a meme you invest in, in the hopes that you can sell it to somebody else before it tanks. That’s the nice thing about a Ponzi scheme.” “For people in places like Iran, Palestine, Cuba or China, bitcoin is not their first [option], it’s their plan B. I’m sure they’d love to just use the dollar as we do in America. But guess what, they [can’t]. And bitcoin is a really nice thing to have.” There has been news that he will be a part of the Crypto Policy Symposium 2022.
For those of you who get confused the moment you hear the word crypto, this article is for you. So, in simple terms, cryptocurrency is nothing but digital money. Although the term does have the word currency in it, it is actually not treated like a currency. It is treated like security or investment. NFTs, bitcoins, etc. are all different types of cryptocurrencies. Brad Sherman, the congressman is of the opinion that cryptocurrency should have been banned long ago but now since it has become so popular, this dream of his is impossible to accomplish. He believes that now there is too much money and power involved so banning cryptocurrency won’t be that easy. Therefore, he has proposed that there should be some regulations regarding the use of cryptocurrencies. This is supposed to be an important conference meeting among the several critics of cryptocurrencies.
About Brad Sherman
Brad Sherman is a popular politician and American accountant. He is currently in news for his criticism of cryptocurrencies. He believes that they should be banned. A resident of Sherman Oaks, he is 67 years old. He was elected in the year 1996 and has since then helped America be on the path to success.