Rep. Brad Sherman is known for his calls to ban all cryptocurrencies in order to “protect” Americans from the volatile trading. What’s not as well-known as the Congressman’s stance is the fact that big banks are among some of Rep. Sherman’s biggest sponsors.
Capital Group Companies, American Bankers Association, Credit Union National Association, and Discover Financial Services are some of the many companies that have Rep. Sherman on their payroll. All told, the congressman has received over $100,000 from the banking and finance industry.
Rep. Sherman’s reasons for opposing cryptocurrency border on the absurd. He calls on those who want to “take risks” to buy support the California lottery, ignoring the basic fact that most people who buy cryptocurrencies do so as an investment to grow their income, not because they are looking for something to waste money on. While not all cryptocurrency investors turn a profit, the odds of actually winning the lottery in California are a mere one in 41.4 million.
Rep. Sherman also encourages his constituents to invest in the equity market, but that’s not the best option for many people. Purchasing stocks, bonds, and other paper investments can be costly and there are broker fees involved.
What’s more, many people who purchase cryptocurrency do so because they don’t want middlemen, banks, or government agencies involved in their financial decisions. Cryptocurrencies are not controlled by the Federal Reserve and therefore cannot be printed at will to satisfy progressive whims. Thus, inflation brought about by the current president’s spending spree won’t hurt the crypto industry.
The truth is that Rep. Sherman doesn’t oppose cryptocurrencies because he cares about constituents who may lose money investing in the cryptocurrency market. His calls to buy equities and purchase lottery tickets likewise have nothing to do with helping fund schools in his state or supporting American companies. Rep. Sherman isn’t just taking money from the banking industry, but taking orders from them as well.
This is not the only Democrat who thinks American investors need to be saved from their right to choose what to invest in. Democrat Rep. Al Green, Chairman of the powerful US House Committee on Financial Services, has claimed that cryptocurrencies could have a “systemic impact” on the economy, an allegation that cannot be backed up by factual sources. Rather, the accusations come from a memo quoting a tweet from Jim Cramer, host of CNBC’s Mad Money Show.
Senator Elizabeth Warren has claimed that cryptocurrencies are “a haven for illegal activity”, a claim easily debunked by hard data showing that only 2.1% of crypto activity is linked to criminal activities.
Democrat enemies of the cryptocurrency market don’t really care about the facts. Rather, they care more about shutting down a market outside of their realm of influence.
