That’s what Brad Sherman seems to think.
The Democrat Congressman also claimed that he would rather have people play the California lottery than invest in crypto—a truly outlandish claim.
I wonder if interests from California’s lottery have somehow goaded him into saying these things, or if he is truly that ignorant of digital finance.
Aside from the fact that he is wrong 6 ways from Sunday, Brad Sherman represents everything wrong with government. The idea that some do-gooder in a suit knows what is right for you and your finances has been proven wrong time and time again.
It’s time for politicians and useless bureaucrats to take the hint and back off. Crypto is here to stay, and it is the most democratized form of money we have ever had.
Here’s what people are saying about Sherman’s ridiculous remarks:
Congressman Brad Sherman believes it is more beneficial to society that people play the CA lottery than invest in crypto 🤦♂️
Odds of winning the CA lottery:
1 in 41.4 million
Total Number of #Bitcoin: 21 Million
— Charlie Shrem (@CharlieShrem) June 30, 2021
UToday gave us a glimpse into Sherman’s ludicrous remarks:
Cryptocurrencies are highly volatile. So, if one person makes $1 million and retires at age 49, and nine lose $100,000, Coinbase makes money. The millionaire goes on TV and tells how wonderful it is, and the nine others do not retire in dignity but instead become eligible for Medicaid…I hope we shut it down.
Sherman claims that he would rather let people make bets in the stock market or the California lottery.
He believes that cryptocurrencies are only suitable for circumventing Know Your Customer (KYC) guidelines and evading taxes, which is why they should be shut down:
Cryptocurrencies have the political support of patriotic anarchists who are rooting for tax evasion. I hope we shut it down.
In House Financial Services committee meeting on #crypto, Brad Sherman prefers lotteries to #bitcoin.
But nothing exploits the poor, and mostly people of color, than government-run gambling & lotteries which transfer $ from poor to government.
So who's the racist?
— OG Infinity Retired #bitcoin Lawyer 🇺🇸 (@OGblockchain) June 30, 2021
Of course @BradSherman is mad at #cryptocurrency & #bitcoin. They directly compete with his business & political career. His top campaign donation came from a company that was fined over $13 million by the government for processing illegal gambling. pic.twitter.com/8JZfCQRDLg
— ฿itcoin (@CryptoChrisG) May 10, 2019
Here’s how MSM outlet Politico framed the issue:
On Capitol Hill, lawmakers from both sides of the aisle — including staunch Bitcoin advocates — are unconvinced or on the fence, indicating that the SEC will face political pressure to continue to slow-walk the issue.
The companies “need to show their contribution to our economy, and in that sense, they really haven’t done well,” Senate Banking Chair Sherrod Brown (D-Ohio) said in an interview.
“I would caution the commission against prioritizing the review of cryptocurrency ETFs over fulfilling the legal directives of Congress,” said Rep. Brad Sherman (D-Calif.), who leads SEC oversight in the House and wants the agency to finish rules languishing from the 2010 Dodd-Frank law.
Republican lawmakers who champion free markets and digital currency said in interviews that they too are taking time to study the issue before backing the efforts.
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