--- title: "This Congressman Wants to Make All Cryptocurrency Illegal" description: "Congressman Brad Sherman (D-CA) urged his colleagues to help outlaw cryptocurrency and the purchase thereof by Americans \"so we can nip this in the bud.\"" date: "2019-05-10" modified: "2019-05-10" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/congressman-sherman-cryptocurrency-illegal" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "congress" - "cryptocurrency" - "sec" - "the digest" --- # This Congressman Wants to Make All Cryptocurrency Illegal ![Congressman Brad Sherman (D-CA) urged his colleagues help outlaw cryptocurrency and the purchase thereof by Americans "so we can nip this in the bud."]() *\Image: Shutterstock\* ## 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]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()