The American legislator called for a total ban on the purchase of cryptocurrency in the US, CoinDesk reports.
Congressman Brad Sherman is already known to the community for his ambiguous statements on this matter – in March he called the cryptocurrency “bullshit”. During the hearing on Wednesday, Sherman went so far as to call for completely shielding the Americans from this market.
“We must prohibit US residents from buying and hanging cryptocurrencies,” said the representative of the Democratic Party, sponsored by Allied Wallet’s payment service. He noted that cryptocurrencies can not only find the role of money in the future, but also be used to avoid paying taxes, as well as circumvention of American sanctions now.
The former director of the Center for Analysis of Data of the Heritage Foundation, Norbert Michel, opposed the idea that the possibility of using crypto currency to carry out criminal acts should serve as a determining factor. “Yes, criminals can actually use bitcoin, but they can use airplanes, computers and cars. We should not criminalize any of these tools just because criminals can use it,” he said. “I believe that these components serve as a major barrier to the wider distribution of cryptocurrency in the United States.”
Senior researcher at the analytical center of the R Street Institute, Alexander Pollock, during the hearing criticized the idea of the digital currency emitted by the central bank, calling it “terrible – one of the worst financial ideas lately.”
Congressman Bill Foster decided to touch on more fundamental issues:
“We are promised that the blockchain will be an unfalsifiable register, but in the digital world there remains one unresolved problem – how do we authenticate ourselves?”
Senior researcher at Cornell University, Edward Prasad, was more optimistic in his remarks and said that cryptocurrencies could have a positive impact on the financial services system, in particular, on payment systems. According to Prasad, cryptocurrencies can “significantly simplify transactions and reduce costs,” but their advantages are currently limited.
“Of course, it is difficult to imagine that the currency will replace the US dollar, while the Federal Reserve will be relatively successful in coping with its function as the manager of the national currency. It is for this reason that Congress should remove barriers that prevent people from using the favorite means of calculation.”