Brad Sherman, a U.S. Representative for California's 30th congressional district, has said that cryptocurrencies are “highly volatile” and should be completely shut down.
Sherman aired his views during a June 30 hearing hosted by the House Financial Services Oversight Subcommittee. The Congressman would rather have people place bets in the stock market or the California lottery than invest in the crypto industry. He said:
Cryptocurrencies are highly volatile. So, if one person makes $1 million and retires at age 49, and nine lose $100,000, Coinbase makes money. The millionaire goes on TV and tells how wonderful it is, and the nine others do not retire in dignity but instead become eligible for Medicaid...I hope we shut it down.
Cryptocurrencies have the political support of patriotic anarchists who are rooting for tax evasion. I hope we shut it down.
In general, tech lowers the barriers to entry to the traditional financial system and offers all consumers, no matter where they are, the ability to access convenient financial services at low competitive rates, and cryptocurrency is no exception.