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Congressman Brad Sherman has been vocal about his concerns regarding cryptocurrency, stating that passing the crypto bill FIT21 could create a competitor to the US Dollar, potentially used by criminals. Sherman believes that cryptocurrency, with its hidden nature, could hinder tax law enforcement and even lead to the creation of a new currency by crypto billionaires. He criticizes the GOP for proposing a bill to block innovation, suggesting it's to prevent competition with the Federal Reserve's payment system.
Congressman Brad Sherman: "The crypto bros see the incredible amount of money and power the US government has from being the world's reserve currency and they want that for themselves." https://t.co/WVncohRAJt
For years, billionaire #Crypto bros yelled not to touch crypto because it's so innovative. Now, #Crypto and the #GOP bring a bill to block innovation. Why? Because the @FederalReserve may create a competing payment system with crypto. See my House Floor speech ⬇️ https://t.co/aRFQsL81sG
NEW: 🇺🇸Cryptocurrency literally means hidden money and if it ever becomes a currency it means we will never be able to enforce our tax laws - Congressman Brad Sherman Oh no... 😅 https://t.co/qAfriCchwv