US Congressman Suggests Complete Crypto Ban, Faced Huge Backlash on Internet

A member of United States Congress, Brad Sherman proposed to ban all kind of cryptocurrencies. He thinks that these cryptocurrencies are outweighing the value of the US dollar and affecting the US economy.

He said “I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud, in part because an awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and 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 on Iran, for example, would become irrelevant.”

Countries like Venezuela, Russia, and Iran are eyeing the cryptocurrency transfers for a long time. They are looking for a chance to dodge international transactions. This is the reason why the US government has already stopped the domestic investors from investing in any kind of Venezuelan cryptocurrency.

Sherman further added that no matter in which purpose the cryptocurrency has been used, it has resulted in the disempowerment of the US dollar. These statements have made Sherman the center of backlash. The crypto community has fired on him through twitter and other social media platforms.

Some of such tweets

Crypto Gimbo: Your war on #bitcoin will be as successful as the #WarOnDrugs.  The genie ain’t going back into the bottle!

Charles Hoskinson: Disgusting and Pathetic

Similarly, so many people from the crypto community, as well as the US citizens, have tweeted against Sherman.

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