US Congressman Calls for Crypto Ban Citing Concern Over Sanctions


United States Congress Member Brad Sherman (D-California) has come forth once again to bash crypto, and this time, there were no holds barred. On Thursday, May 9, Sherman allegedly proposed a federal ban on all digital assets.

Sherman’s concerns about crypto are seemingly rooted in the potential that cryptocurrencies have to undermine the US dollar: “I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud, in part because an awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and transactions,” he said.

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Given the strength of the cryptocurrency community in the United States, and the support that has been shown to the cryptocurrency industry from other branches of the government, it is unlikely that such a bill would ever actually pass–however, Sherman’s noise around crypto could cause some legislative stir around crypto, which may not be such a bad thing.

Interestingly, this is the second time that a high-profile figure in the media has proposed a comprehensive ban on cryptocurrencies this week. Nobel Prize-winning Economist Joseph Eugen Stiglitz told CNBC on Monday that “I actually think we should shut down the cryptocurrencies.”

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