Sherman’s Unexpected Stance on Cryptocurrency
In a surprising twist during a recent session of the United States House Committee on Financial Services, Congressman Brad Sherman, a Democrat known for his strong opposition to cryptocurrency, expressed an unexpected affinity for the wave of new digital currencies entering the market. During the hearing, Sherman posited that the emergence of numerous altcoins might ultimately lead to the downfall of the entire cryptocurrency sector.
“A conflict appears to be looming between established coins and the new contenders,”
he commented.
Historical Criticism and Emerging Views
At 70 years old, Sherman has long been a vocal critic of cryptocurrencies, often citing their potential misuse and advocating for regulatory measures against them, including a comprehensive ban on Bitcoin. His prior statements have labeled tokens like XRP, linked to the Ripple platform, as unregistered securities, reinforcing his stance against the crypto market.
Aligning with Other Cryptocurrency Skeptics
Sherman’s latest viewpoints echo the sentiments of other well-known crypto skeptics such as Peter Schiff, who has raised doubts about Bitcoin’s scarcity given the rapid proliferation of various altcoins. Reflecting on this theme, Sherman humorously suggested last year that cryptocurrencies like HamsterCoin, Cobracoin, or Mongoosecoin could overshadow Bitcoin, showcasing his disbelief in the leading coin’s long-term dominance. Ironically, his negative portrayal of cryptocurrencies inadvertently spurred interest in the creation of these so-called memecoins, adding an intriguing layer to his consistently critical narrative.
