Rep. Brad Sherman ‘hopes’ SEC crackdown ends crypto in U.S.

• Rep. Brad Sherman dubs cryptocurrencies bad for the U.S.
• He does not associate any real value with cryptocurrencies.
• Bitcoin is still up well over 50% versus the start of the year.

Crypto is not a payments system and it’s not good for the United States of America, says Rep. Brad Sherman.

Rep. Sherman is against the crypto ecosystem

He’s against the entire ecosystem as it facilitates tax evasion and other fraudulent activities.

On CNBC’s “The Exchange”, Rep. Sherman recalled today that cryptocurrency means “hidden money” and said:

If you listen to the promotors, they say they’re trying to create a financial system that’s impervious to the federal government so that it’s available for sanction evaders.

The U.S. Securities and Exchange has recently filed complaints against Binance as well as Coinbase Global Inc that’s lost nearly 20% ever since. The crackdown, Rep. Sherman “hopes”, puts an end to crypto in the U.S.

Rep. Sherman associates no real value to crypto

Despite the recent pullback, bitcoin is up well over 50% versus the start of the year at writing which makes it a major outperformer.

Still, Rep. Sherman continues to associate no real value to cryptocurrencies. In his interview, he went on to say that Sam Bankman-Fried – Founder of the collapsed FTX exchange is not the only fraudster that regulators should go after.

Crypto has attracted so many charlatans. It’ll fade because there’s no logical reason why bitcoin is more valuable than hamster coin. It’s an attempt to make trillions by making a currency.

It’s noteworthy here that the SEC has so far failed to prove that Ripple (XRP) is a security in a lawsuit that’s ongoing since 2020.