Notorious crypto-skeptic, U.S. Congressman Brad Sherman has once again stirred the crypto cauldron. In a recent interview with CNBC, Sherman openly expressed his hopes for the sun to set on the age of cryptocurrencies.
Congressman’s Candid Crypto Critique
When asked if the recent crackdowns by the SEC against crypto giants like Binance and Coinbase signal the end of cryptocurrencies in America, Sherman responded tersely, “I hope so, don’t think so.” His retort mirrors his well-known anti-crypto stance that consistently challenges the community’s enthusiasm.
Representative Brad Sherman of California joins in Washington to talk his views on the Fed, Banks, Crypto and AI. pic.twitter.com/97impWhypd
— The Exchange (@CNBCTheExchange) June 14, 2023
Debunking Crypto’s Claims
Sherman questioned the alleged benefits of cryptocurrencies for the economy and consumers. He argued that their main purpose was to circumvent U.S. government oversight and sanctions, rather than to promote financial inclusion or innovation.
Using an everyday example, he dismissed the notion that cryptocurrencies have simplified transactions for consumers.
Sherman said, “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 crypto, you have to change it into money, then transfer it to your debit card, and then buy a sandwich.”
Sceptical of Soaring Values
The Congressman voiced his skepticism over the soaring valuations of cryptocurrencies, questioning the logic behind Bitcoin’s worth compared to the lesser-known digital currencies like Hamster Coin or Cone Tribe Coin. He expressed concern that the exuberant crypto market has lured “charlatans” seeking quick profits.
Crypto’s Self-Regulating Future?
Despite his crypto critiques, Sherman predicted that crypto would “fade because of crypto”, suggesting an eventual self-regulation within the market. This implies that despite his vocal skepticism, he doesn’t necessarily see an immediate need for heavy-handed regulatory intervention.
