Should cryptocurrency be outlawed? This congressman thinks so.

Bitcoin Basher

Congressman Brad Sherman (D-CA) urged his colleagues to "nip this in the bud" and introduce a bill to outlaw all types of cryptocurrency during remarks at a House Financial Services Committee meeting yesterday.

"An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions," he said. "Clearing through the New York Fed is critical for major oil and other transactions."

Crypto Cheating

Sherman used the example of Palestinian fundamentalist group Hamas asking for Bitcoin donations as a result of U.S. sanctions. Congress also challenged Iran's attempt to develop its own cryptocurrency to circumvent sanctions back in December.

Earlier this month Serman also criticized Facebook for developing a cryptocurrency platform, tweeting "I guess they think it’s ok to mine and sell the privacy of ordinary Americans — as long as they help terrorists avoid detection and sanctions."

"Crypto Mom"

The current administration's Securities and Exchange Commisssion has a very different stance on the matter.

In fact, Commissioner Hester Peirce warned yesterday that "the U.S. securities markets have historically been the envy of the world; I do not want heel-dragging by the SEC in crypto to mar that well-deserved reputation."

READ MORE: Bitcoin-Bashing Democrat Calls for Blanket Ban on Cryptocurrencies [CCN]

More on crypto: Ad-Blocking Web Browser Will Now Pay You Crypto to Watch Ads

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