In a recent joint hearing of two committees in the US House of Representatives, Congressman Brad Sherman, a California Democrat known for his criticism of cryptocurrencies, made a controversial statement about the US government’s ability to create money.
Sherman expressed doubts over the future of digital assets in the United States and took a direct shot at what he referred to as “crypto bros.”
During the hearing, Sherman remarked, “Crypto bros make money literally by making money, and they’ve made over a trillion dollars. They’ll accuse the U.S. government of making money out of thin air. Maybe we do, but we’re the U.S. government.”
Sherman’s statement raises important questions about the implications of government-backed currencies and the role of cryptocurrencies in the financial landscape. By acknowledging the possibility of the US government “making money out of thin air,” he highlights the power and authority wielded by the government when it comes to monetary policies.
The congressman also criticized cryptocurrencies as a “hidden money system” that diverts capital investment away from productive industries. He further raised concerns about their potential misuse to subvert sanctions and tax laws, emphasizing the need for stricter regulations in the sector.
This is not the first time Congressman Sherman has targeted the crypto industry. He has been a vocal critic and has previously accused “billionaire crypto bros” of attempting to delay meaningful legislation from the Federal government. In 2018, he dismissed Bitcoin as a tool that allowed a few individuals to speculate from the comfort of their homes.
Sherman’s statement is likely to spark debates among cryptocurrency enthusiasts, economists, and policymakers. While some may agree with his skepticism towards digital assets, others may argue that cryptocurrencies provide an alternative financial system that challenges traditional monetary structures.
The implications of Congressman Sherman’s statement are significant, as it raises questions about the authority and control governments have over their respective currencies. It also sheds light on the ongoing debate between cryptocurrencies and traditional financial systems, highlighting the need for a balanced and well-regulated approach to ensure transparency, security, and economic stability.
As the discussions around cryptocurrencies continue to evolve, policymakers and regulators will face the challenge of striking the right balance between innovation and ensuring the integrity of financial systems. The outcome of these deliberations will shape the future of digital assets and their integration into global economies.
Written By Agbo Obinnaya
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