U.S. Congressman Brad Sherman’s call to ban cryptocurrencies has been labeled as ‘FUD’ by anti-virus software guru and crypto influencer John McAfee. The cryptocurrency maverick who is also vying for the U.S. presidency equated the congressman to a vampire.
In a tweet, McAfee posted an image of the Democratic House Rep for California’s 30th congressional district posing as Count Dracula with the vampire fangs out, perhaps a metaphor for his attempt to suck the life out of crypto.
— John McAfee (@officialmcafee) May 9, 2019
Congressman Calls for Blanket Crypto Ban
This came in the wake of Sherman urging House colleagues to back legislation outlawing the purchase of cryptocurrencies by Americans. The Congressman made the remarks during a House Financial Services Committee meeting.
According to Sherman, the major danger posed by cryptocurrencies is destroying the dollar’s status as the world’s reserve currency. This, per Sherman, would ‘disempower foreign policy’ of the U.S. and render any sanctions imposed on rogue nations ‘irrelevant’. Additionally, it would make the enforcement of tax collection or the rule of law harder or impossible:
The purposes of cryptocurrency, the advantage it has over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law.
While he did not throw insults on Thursday, Sherman last year labeled Bitcoin a ‘crock’.
Is Sherman Protecting His Donors or Speaking out of Principle?
According to the Center for Responsive Politics, traditional financial institutions dominated the Congressman’s top-donor list during the 2017-2018 period. Specifically, 80 percent of his top-five donors were in the legacy financial sector.
These donors included Swiss multinational investment bank UBS AG which gave him $11,350. A Los Angeles-based financial institution known as Royal Business Bank donated $16,600 to Sherman’s political activity fund.
Other top contributors included e-commerce payment processor, Allied Wallet, which gave him $12,500. LA-based financial services firm Capital Group of Companies donated $15,400.
Crypto Twitter Joins John McAfee in Chiding Sherman
McAfee was not alone in criticizing the Congressman. Anthony Pompliano, the co-founder of crypto asset hedge fund Morgan Creek Digital even called for congressional term limits noting that Sherman had been in office for over two decades.
Congressman Brad Sherman wants to outlaw cryptocurrencies.
He has been in office for 22 straight years. More than twice as long as Bitcoin has existed. Maybe we should outlaw lifelong politicians?!
Thankfully, Bitcoin will be around long after Mr. Sherman 🙂 pic.twitter.com/T5RSBltX3W
— Pomp 🌪 (@APompliano) May 9, 2019
eToro’s senior markets analyst, Mati Greenspan, warned that any attempts to strangle the adoption of cryptocurrencies would see the U.S. losing out on the digital payments revolution.
— Mati Greenspan (@MatiGreenspan) May 10, 2019
There were also those who praised Sherman’s sincerity regarding his biggest fear – the loss of the dollar dominance. Per Bitcoin developer Jimmy Song, the Congressman had been uncharacteristically forthright in revealing the secret of U.S. global dominance.
It’s rare to see a US politician admit to what’s been known around the world, but obscure to most in the US. The dollar hegemony that the US enjoys is what gives it much of its power. We’re in the “then they fight you” phase. @BradSherman, I’m around if you ever want to talk. pic.twitter.com/ziAcO2udfM
— Jimmy Song (송재준) (@jimmysong) May 9, 2019
Others even claimed that by listing the reasons for a crypto ban, Sherman had unwittingly made the case for bitcoin.
the video of @BradSherman‘s call to ban bitcoin is the best advertisement for the digital asset i’ve seen in quite some time (HT Oskar_Koch on Reddit) https://t.co/KeGCO0uXSh pic.twitter.com/VDF6XxBFre
— Kyle Torpey (@kyletorpey) May 9, 2019