Anti-crypto Congressman Brad Sherman elected to chair Subcommittee on Investor Protection

U.S. Congressman Brad Sherman (Democrat-California), who once called for a blanket ban on cryptocurrency buying, has been elected as chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets.

The House Financial Services Committee announced the news Thursday, saying that Sherman has been elected by the Democratic Caucus and the development is subject to approval by the Democratic Steering and Policy Committee as well as the Democratic Caucus.

Sherman would replace Congresswoman Carolyn Maloney. “I want to thank Congresswoman Maloney for her leadership as Chair of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, and I look forward to working with Congressman Sherman in his new capacity as we continue to make great strides in our efforts to protect investors and the integrity of our capital markets,” said Congresswoman Maxine Waters, chairwoman of the House Financial Services Committee.

Waters and Sherman both have been opponents of digital currencies in general. Waters, for instance, recently said: “My concerns remain with allowing a large tech company to create a privately controlled, alternative global currency,” referencing Facebook-led Libra stablecoin project. Sherman, on the other hand, once said: “We should prohibit U.S. persons from buying or mining cryptocurrencies.”

The Subcommittee on Investor Protection oversees the Securities and Exchange Commission and self-regulatory organizations, such as the New York Stock Exchange and the Financial Industry Regulatory Authority. “My colleagues are already giving me good ideas for hearings and legislation. I am committed to defending investor protections, improving access to capital and maintaining the Wall Street reforms that have helped fuel our economy. As a CPA [Certified Public Accountant], I also look forward to looking at accounting issues,” said Sherman.