US Congressman Brad Sherman recently expressed his hope for the end of cryptocurrencies in a CNBC interview. Sherman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers. He argued that their primary use was to evade the U.S. government and sanctions.
Sherman’s comments come on the heels of recent regulatory actions taken by the SEC against major cryptocurrency exchanges Binance and Coinbase, which have led to increased scrutiny of the cryptocurrency market.
When asked if the ongoing crackdown signaled the end of cryptocurrencies in America, Sherman replied, “I hope so, don’t think so.” He also dismissed the claimed advantages of cryptocurrencies for everyday users, stating that they did not make it easier or cheaper to buy a sandwich at Subway. He argued that if you have crypto, you have to change it into money, transfer it to your debit card, and then buy a sandwich, which is more cumbersome than simply using a debit or credit card.
While Sherman expressed skepticism at the high valuation of certain cryptocurrencies, arguing that there was “no logical reason why Bitcoin is more valuable than Hamster Coin or Cone Tribe Coin,” he did stop short of calling for complete regulatory extinction. Instead, he suggested that the market might self-regulate.
Sherman’s comments are likely to ruffle the feathers of cryptocurrency enthusiasts who believe in the transformative potential of digital currencies. However, they also reflect ongoing concerns about the use of cryptocurrencies for illicit purposes and the need for increased regulation in the space.
Source: Cryptopanic
