Throughout a latest listening to held by the USA Home Committee on Monetary Companies, Democratic Congressman Brad Sherman said that he’s on the facet of “new cash” which can be getting into the market.
The rationale behind this seemingly crypto-friendly stance stems from Sherman’s perception that the proliferation of numerous cash will probably be “the undoing” of the trade.
“There may be actually a battle that hasn’t fairly damaged out but between the outdated cash and the brand new cash,” Sherman mentioned.
The 70-year-old lawmaker has been persistently some of the anti-crypto voices in crypto. He has repeatedly highlighted a litany of crypto’s nefarious use instances whereas overtly expressing hope for the trade’s demise. Sherman has repeatedly known as for imposing a blanket ban on Bitcoin.
In 2022, he additionally said that the Ripple-linked XRP token is an unregistered safety.
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Sherman’s most up-to-date take mirrors the criticism of distinguished anti-crypto pundits of the likes of gold bug Peter Schiff. The previous tends to argue that Bitcoin shouldn’t be actually scarce since a plethora of altcoins are being launched every day.
The California congressman voiced an analogous opinion final 12 months, facetiously predicting that Bitcoin might be changed by HamsterCoin, Cobracoin, or Mongoosecoin. Mockingly, the doggedly anti-crypto lawmaker impressed the creation of the aforementioned memecoins.