During a recent CNBC interview, US Congressman Brad Sherman made his anti-crypto stance clear by expressing his hope for the end of cryptocurrencies. While his comments are likely to provoke a reaction from crypto enthusiasts, Sherman did not call for complete regulatory extinction and acknowledged the possibility of self-regulation within the market.
Sherman’s statement came in the wake of regulatory actions taken by the Securities and Exchange Commission (SEC) against major cryptocurrency exchanges, such as Binance and Coinbase. He criticized cryptocurrencies, asserting that their primary use was to evade the U.S. government and sanctions, rather than benefiting the economy or consumers.
The Congressman also dismissed the claimed advantages of cryptocurrencies for everyday users, using the example of buying a sandwich at Subway. He argued that despite the market’s high valuation, cryptocurrencies did not make transactions easier or cheaper, as users had to convert them into money, transfer to a debit card, and then make a purchase.
Sherman Expressed Skepticism On Cryptos
Sherman expressed skepticism regarding the value of specific cryptocurrencies, questioning why Bitcoin, for instance, held more value than lesser-known alternatives like Hamster Coin or Cone Tribe Coin. He believed that the crypto market’s obsession had attracted “charlatans” but predicted that crypto would ultimately fade on its own.
Although Sherman’s comments were critical, it is worth noting that he mentioned the possibility of self-regulation within the cryptocurrency market. This implies that he sees a potential for the market to address concerns and establish its own regulatory measures in the future.
