US congressman calls for crypto ban as it threatens to ‘diminish fiat power’

United States congressman Brad Sherman has called on his colleagues to outlaw cryptocurrencies, saying that they threaten American foreign policy and diminish the rule of law.

Crypto-oriented non-profit organisation Coin Center posted a tweet yesterday detailing the thoughts of the congressman, who is a Democratic representative for California’s 30th congressional district.

In his comments, Mr Sherman said that “an awful lot of our international power stems from the fact that the dollar is the standard unit of international finance and transactions”.

Taking away power from the state

Mr Sherman claimed that cryptocurrencies are “a crock” and that their value lies in aiding terrorists and criminals. He went on to claim that “it is the announced purpose of the supporters of cryptocurrencies to take power away from us”.

The congressman continued to outline the negative impact of cryptocurrencies, claiming that if they gain traction as a global unit of value, they will “put us in the position where the significant sanctions we have on Iran, for example, would become irrelevant”.

Sherman concluded his remarks to Congress by claiming that the end result of cryptocurrencies would be the disempowerment of not only US foreign policy, but also the country’s tax collection and traditional law enforcement abilities.

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