By CCN.com: U.S. Congressman Brad Sherman’s call to ban cryptocurrencies has been labeled as ‘FUD’ by anti-virus software guru and crypto influencer John McAfee. The cryptocurrency maverick who is also vying for the U.S. presidency equated the congressman to a vampire.
In a tweet, McAfee posted an image of the Democratic House Rep for California’s 30th congressional district posing as Count Dracula with the vampire fangs out, perhaps a metaphor for his attempt to suck the life out of crypto.
Congressman Calls for Blanket Crypto Ban
This came in the wake of Sherman urging House colleagues to back legislation outlawing the purchase of cryptocurrencies by Americans. The Congressman made the remarks during a House Financial Services Committee meeting.
According to Sherman, the major danger posed by cryptocurrencies is destroying the dollar’s status as the world’s reserve currency. This, per Sherman, would ‘disempower foreign policy’ of the U.S. and render any sanctions imposed on rogue nations ‘irrelevant’. Additionally, it would make the enforcement of tax collection or the rule of law harder or impossible:
The purposes of cryptocurrency, the advantage it has over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law.
While he did not throw insults on Thursday, Sherman last year labeled Bitcoin a ‘crock’.
Is Sherman Protecting His Donors or Speaking out of Principle?
According to the Center for Responsive Politics, traditional financial institutions dominated the Congressman’s top-donor list during the 2017-2018 period. Specifically, 80 percent of his top-five donors were in the legacy financial sector.
These donors included Swiss multinational investment bank UBS AG which gave him $11,350. A Los Angeles-based financial institution known as Royal Business Bank donated $16,600 to Sherman’s political activity fund.
Other top contributors included e-commerce payment processor, Allied Wallet, which gave him $12,500. LA-based financial services firm Capital Group of Companies donated $15,400.
Crypto Twitter Joins John McAfee in Chiding Sherman
McAfee was not alone in criticizing the Congressman. Anthony Pompliano, the co-founder of crypto asset hedge fund Morgan Creek Digital even called for congressional term limits noting that Sherman had been in office for over two decades.
eToro’s senior markets analyst, Mati Greenspan, warned that any attempts to strangle the adoption of cryptocurrencies would see the U.S. losing out on the digital payments revolution.
There were also those who praised Sherman’s sincerity regarding his biggest fear – the loss of the dollar dominance. Per Bitcoin developer Jimmy Song, the Congressman had been uncharacteristically forthright in revealing the secret of U.S. global dominance.
Others even claimed that by listing the reasons for a crypto ban, Sherman had unwittingly made the case for bitcoin.
Last modified: March 4, 2021 2:45 PM