search newsletter login upgrade

Regulation

U.S. Congressman calls for bill to ‘outlaw’ cryptocurrencies

May 9, 2019, 4:29PM EDT

In a Financial Services Committee hearing on Thursday, U.S. Congressman Bradley Sherman (D-CA) called on Congress to propose a bill outlawing cryptocurrencies. 

"I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans...in part because an awful lot of our international power comes from the fact the dollar is the standard unit of international finance and transactions," Sherman said.

"Whether it is to disempower our foreign policy, our tax collection enforcement, or our traditional law enforcement, the purpose of cryptocurrency, the advantage it has over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law," he added.

Sherman also cites the actions of the Islamic fundamentalist group Hamas and their attempt to solicit cryptocurrency donations, "the Hamas website provides detailed instruction on how you can send that terrorist organization cryptocurrency," he notes, adding that "the advantage it [cryptocurrencies] has over traditional mechanisms is singularity a benefit for those who wish to commit crime."

Related Reading