Sherman Calls Bitcoin ‘Tool for Drug Dealers’ in Crypto Bills Clash

Rep. Brad Sherman intensified his opposition to pending cryptocurrency legislation on 17 July, declaring that Bitcoin and other digital assets are “the perfect tool for drug dealers and tax evaders.” The California Democrat was speaking as the House weighed several crypto-related measures, including a market-structure bill and the so-called Crypto Genius Act. Sherman said the digital-asset sector “has all the power in Congress” and warned that the proposed bills would harm ordinary Americans. He cited a letter he said the AFL-CIO sent to every lawmaker describing the legislation as “an attack on working families.” The congressman also invoked FTX founder Sam Bankman-Fried—calling him the “ghost” behind the Genius Act—as he urged colleagues to reject the measures. Sherman's remarks highlight persistent resistance among some Democrats to formalizing federal rules for cryptocurrencies despite growing industry lobbying on Capitol Hill.