Sherman argued that the US government cannot prohibit cryptocurrencies in the foreseeable future because the industry has amassed too much wealth and influence.
Congressman Brad Sherman, who represents the San Fernando Valley in California in the United States Congress, is a staunch opponent of the Bitcoin business. According to him, it threatens the supremacy of the U.S. currency and poses a danger to national security.
However, Sherman does not think the government will be able to restrict the asset class “anytime soon” because of the wealth and influence behind it.
Unlike some other American lawmakers, Brad Sherman opposes cryptocurrencies vehemently. He also believes that prohibiting the asset class is a much superior alternative to establishing rules.
In a recent interview with the Los Angeles Times, he said that the government made a mistake by not forbidding it years ago when the industry was less financially consolidated.
“Money for lobbying and money for political donations works, else people wouldn’t do it; hence, we have not prohibited cryptocurrencies. We did not prohibit it in the beginning because we did not recognize its significance, and we do not outlaw it today because there is too much money and influence behind it.”
Sherman is concerned that digital assets might represent a systemic danger to America’s financial system and threaten the dollar’s primacy. In addition, he said that criminals may use bitcoin and other cryptocurrencies to conceal their activities from law enforcement.
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