US Congressman calls for a TOTAL BAN on buying and mining cryptocurrency!

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We're sure it's just a random coincidence that Democrat Congressman from California Brad Sherman's largest donation over the last year came from a credit card processing company, according to political donation data tracked by watchdog group OpenSecrets Center For Responsible Politics.

Today in a hearing with the House of Representatives Financial Services Committee on the topic of "the future of money" representative Sherman went in to a confused jumbled message about the huge threat cryptocurrencies are to everyone's safety, his point being:

"We should prohibit US persons from buying or mining cryptocurrencies" he said in an opening statement, then later in the hearing when given a chance for extended comments he explained "It a solution ONLY to the problems of tax evaders, criminals, and terrorists!"  and that cryptocurrency supporters "delight in that".

Thankfully, Norbert Michel from Washington think-tank 'The Heritage Foundation' brought things back to reality, saying:

"It is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them."

Then (and as I said, surely not connected to his political donations) Sherman pointed out that he could already use a credit card virtually anywhere.

The good news is - with the exception of representative Sherman's tantrum, overall the hearing was generally positive when it came to cryptocurrency and the panel they invited shared some of it's exciting prospects, specifically Dr. Eswar Prasad of Cornell University making the point that as long as the Federal Reserve acts responsibly, the US dollar can remain strong while cryptocurrencies make life easier for citizens.

Just to be clear - there's no chance that representative Sherman's dreams of banning cryptocurrency could happen, at least not anytime soon.  No other members of congress seemed to share his views.

I covered some of the previous attacks on cryptocurrency from credit card companies here which is worth a read if you're not familiar with the ongoing battle.

You can watch the full hearing on YouTube here.
Author: Ross Davis
E-Mail: Twitter:@RossFM
San Francisco News Desk

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