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In a recent interview with CNBC, US Congressman Brad Sherman said he hopes crypto assets would end. Sherman, a staunch crypto critic and senior member of the Foreign Affairs Committee, remarked in response to questions regarding the ongoing regulatory crackdown. Although Sherman wishes crypto would end, he doubts the ongoing regulatory war would swallow the digital assets ecosystem.
Sherman’s Opinion On Crypto
Congressman Sherman, who represents California in the US House of Representatives, was asked if the ongoing crackdown signalled the end of crypto in the US.
The congressman succinctly replied: I hope so, don’t think so.
This remark follows a recent regulatory crackdown by the US SEC on two top-tier crypto exchanges, Binance and Coinbase. Sherman expressed thoughts regarding the benefit of cryptocurrencies to the US economy and consumers.
He stated that the primary use of cryptocurrencies is to evade the US government and sanctions.
The congressman refuted claims that crypto is beneficial to everyday users. He stated: At one point, they were $3 trillion, and they didn’t make it easier or cheaper to buy a sandwich at Subway. If you go to Subway, you can use a debit or credit card. If you have digital assets, you have to change it into money, transfer it to your debit card, and then buy a sandwich.
Sherman was sceptical about the high price of some cryptocurrencies, stressing there was no logical reason why Bitcoin is more valuable than Hamster Coin or Cone Tribe Coin.
He doesn’t understand why the market is obsessed with some digital currencies noting that the market’s obsession with these digital assets attracted “charlatans,” who defraud investors under pretence. Sherman predicted that crypto would “fade because of crypto.”
Despite Sherman’s criticisms, the congressman didn’t support complete regulatory extinction but suggested the market might self-regulate.
US Legislators Debate on the Importance of Crypto Regulatory Clarity
Several digital asset industry figureheads have called on US Congress for legislation that could provide regulatory clarity for digital assets. The recent regulatory crackdown only added salt to an already open injury, causing many to contemplate fleeing the US market.
However, a recent development suggests that US legislators might be on their toes to unveil a legislative framework for the asset class. The US House Committee on Financial Services met on Tuesday, June 13, to discuss the appropriate steps for Bitcoin regulations.
This development came a week after Republicans in the US House of Representatives submitted a legislative proposal on digital assets. The committee’s hearing sought to allow lawmakers to examine two related proposals for a crypto regulatory framework.
During the hearing, legislators argued that establishing a Bitcoin regulatory framework is necessary to keep the US competitive globally.
The Committee Chairman Patrick McHenry said:
We are at a critical moment for American dynamism. We can choose the said financial freedom, innovation, inclusion, […], or let this moment pass us by and surrender our leadership to the global financial system to other countries.
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