Brad Sherman (D-CA), the well-known US Congressman has proposed to ban crypto due and prevent diminishing of the power of the States’ sovereign currency:
“An awful lot of our international power stems from the fact that the dollar is the standard unit of international finance and transactions […] it is the announced purpose of the supporters of cryptocurrencies to take that power away from us.”
Today in Congress Rep. Sherman called for a bill to ban all cryptocurrencies.
This is why Coin Center is needed in DC now more than ever. pic.twitter.com/jgikm7z8bI
— Coin Center (@coincenter) May 9, 2019
The US congressman outlined that another national, digital currency would put the country in a position where sanctions on another country will become irrelevant.
On the opposite side, the former congressman and presidential candidate Ron Paul has expressed his thoughts on Sherman’s statement, and has described as a terrible idea. Whilst taking part at CoinDesk Live at Consensus 2019, he discussed a great number of topics related to crypto, including his strong belief that the federal government should not ban crypto purchases at all.
“Detail wise, I don’t know what they’re doing yesterday or today, but I do know they’re watching. Whether it’s gold or peanuts or silver or whatever, they will not just give cryptocurrencies a free ride.”
According to Paul, crypto coins “challenge the status quo of the monetary system”. He believes that decentralizing regulatory authority will agencies in New York City or Washington, D.C. cannot control the nation’s businesses and start up scene.