Anti-crypto Congressman Brad Sherman has become the new Chairman of the Subcommittee on Investor Protection

By Dorothy 12/8/19 1:35 PM

U.S. Senator Brad Sherman (Democratic-California), who had called for a ban on cryptocurrencies, was elected Chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets.

Brad Sherman, U.S. Senator (Democratic-California)

Congressman Brad Sherman called for a complete ban on cryptocurrencies

Brad Sherman, a political critic of the cryptocurrency industry, once again called for a complete ban on cryptocurrencies. Sherman said that Bitcoin has no real use other than to fund illegal activities and to warn about the cryptocurrency risks posing political and financial stability in the United States, he said in an interview.

Sherman recently discussed the dangers of Facebook’s proposed cryptocurrency, Libra. He said it poses an unprecedented threat to the US economy and national security. However, the discussion quickly moved to cryptocurrencies in general, with Sherman saying that they served no function unless it was to facilitate nefarious transactions.

While U.S. Congressional attitudes towards Bitcoin have eased over the past few weeks, there is still a strong political stream fighting for a world without cryptocurrencies. Congressman Brad Sherman, a ranking member of the House Financial Services Committee, appears to be leading the way.

The House Financial Services Committee announced the news on Thursday, saying that Sherman was elected by the Democrats and the development must be approved by the Democratic Steering and Policy Committee as well as the Democratic Caucus.

Chairman of Sub-Committee for Protection of Investors, Entrepreneurs and Capital Markets

On December 5, Chairman of the Lower Financial Services Committee Maxine Waters (D-CA) announced about this. Whereby, Sherman assumes the position of Chairman at the subcommittee that oversees the Securities and Exchange Commission (SEC), the New York Stock Exchange and the Financial Industry Regulatory Authority.

Maxine Waters, Chairman of the Lower Financial Services Committee

Sherman will replace Senator Carolyn Maloney.

“I want to thank Senator Maloney for her leadership as the Chair of the Sub-Committee on Investor, Entrepreneur and Capital Market Protection, and I look forward to working with Congressman Sherman as we continue our efforts to protect our investors and the integrity of our capital markets,” said Maxine Waters.

Cryptocurrency advocate and colleague of Sherman, on the Warren Davidson (R-OH) financial services committee, recently said that “Sherman really doesn’t like anything in the cryptocurrency space”.

Davidson went on to state:

“In my opinion, Sherman’s goal is trying to ban the internet. He said we would ban cryptocurrencies; we need to ban cryptocurrencies, the only reason to have any crypto assets is to launder money and evade taxes. Every time you hear about cryptocurrencies, it’s Brad Sherman. He doesn’t like this space. ”

Sherman has expressed opposition to any funds that challenge the US dollar’s role as a global reserve currency. He continues to debate the complete ban on cryptocurrencies.