Rep. Brad Sherman has recently expressed his opinion on cryptocurrencies dubbing them bad for the United States. He does not associate any real value with crypto assets and believes that fraudulent activities are facilitated through them.
However, despite the recent pullbacks, bitcoin is still up well over 50% versus the start of the year.
During his interview on CNBC’s “The Exchange”, Sherman commented: “If you listen to the promotors, they say they’re trying to create a financial system that’s impervious to the federal government so that it’s available for sanction evaders.” He further added: “Crypto has attracted so many charlatans. It’ll fade because there’s no logical reason why bitcoin is more valuable than hamster coin. It’s an attempt to make trillions by making a currency.”
The U.S. Securities and Exchange has recently filed complaints against Binance and Coinbase Global Inc. and hopes that this will put an end to the crypto industry in the United States. It should also be noted, however, that the SEC has so far failed to prove that Ripple (XRP) is a security in a lawsuit that’s ongoing since 2020.
