The anti-crypto U.s.a. Congressman Brad Sherman (D-CA) has been elected to serve as Chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets.

On Dec. five, Chairwoman of the Firm Financial Services Commission Maxine Waters (D-CA) announced that Sherman was elected to take up the position of Chair at the subcommittee that oversees the Securities and Exchange Committee (SEC), the New York Stock Commutation and the Fiscal Manufacture Regulatory Authorisation.

Sherman vs crypto and maybe the internet

Sherman, who is an American political leader serving as a Democratic fellow member of the U.S. Firm of Representatives since 1997, is known to be a formidable opponent of Bitcoin and cryptocurrencies in full general.

Largely pro-crypto congressman and Sherman's colleague on the Financial Services committee Warren Davidson (R-OH) recently told Cointelegraph that Sherman really doesn't similar anything in the cryptocurrency space. Davidson went on to say:

"In my view, [Sherman's] goal is essentially to try to ban the net. He's like 'we're going to ban crypto, we need to ban crypto, the but reason to have any crypto asset is to wash money and evade taxes. Become back, rewind the tape. Every hearing on crypto, that's Brad Sherman. He doesn't similar the infinite."

Sherman has expressed opposition to any money that challenges the U.S. dollar's role equally global reserve currency. He continues to argue for an outright ban on cryptocurrency. This outspoken negative opinion towards crypto earned him some criticism from Bitcoin bull Max Keiser, who said that Sherman is going to a gunfight with a knife, adding:

"He has failed to take on lath exactly what the dimension of this boxing is going to be [...] He doesn't understand he'south already lost."

Crypto could 'displace or interfere with dollar'

In October, Sherman appeared to give unlikely weight to the thought that a disruptive fiscal instrument, such every bit cryptocurrencies, can succeed in taking power away from the dollar. He said:

"Cryptocurrency either doesn't work, in which case investors lose a lot of money, or it does achieve its objectives peradventure and displaces the U.Southward. dollar or interferes with the U.S. dollar being almost the sole reserve currency in the world."