Bradley Sherman a Democratic member of the United States’ House of Representatives while speaking at the House Financial Services Committee hearing on initial coin offerings (ICOs) and cryptocurrencies, took a shot at the cryptocurrency community.
The committee was called out to discuss ICOs, which are used by companies to raise capital for businesses and products.
Sherman remarked all cryptocurrencies as “a crock” (complete nonsense), adding they help terrorists and criminals move money around the world. Among those in the panel of House subcommittee hearing on ICOs who made inflammatory statements against cryptos, the furious remarks of California’s representative Brad Sherman resulted in a backlash from Twitter. First of all, have a look at his statement then we will move onto what crypto enthusiasts have to say about it.
“Cryptocurrencies are a crock. They allow a few dozen men in my district to sit in their pajamas all day and tell their wives they’re going to be millionaires. They (cryptos) stole the intellectual property and trademark of legitimate investing and applied it to a fixed, fraudulent gambling scheme of no social benefit.”
Some of the Twitter users encouraged him to educate himself on the topic before making incompetent statements.
@BradSherman with all due respect sir, please do not speak about cryptocurrency again. You obviously know too little about it to make competent statements and you obviously need some history lessons. #ICOsInTheHouse #cryptocurrency
— The Brainman of crypto (@theBrainium) March 14, 2018
Many crypto users on Twitter accused Sherman of not being sufficiently educated on the matter.
Wooow. Congressman Sherman is back and he’s displaying the same level of ignorance as before. He has literally no concept of underbanked people whatsoever. And he just suggested we’re going to have a major terrorist event financed via crypto. smh
— Michelle L. Staton (@MichelleLStaton) March 14, 2018
Sherman had a series of concerns. He stated that cryptocurrencies like Bitcoin have the ability to help terrorists, criminals, tax evaders and start-up companies looking to commit fraud.
Rep. @BradSherman of the US House is far too behind given his old age & far too ignorant that it is not even laughable.
“Perhaps we’ll have another hearing when a terrorist group has been found using cryptocurrency.” ~ @BradSherman
When has cash not done that?#ICOsInTheHouse
— Neeraj Thakur (@NeerajT4) March 14, 2018
Throughout most of the hearing, it remained clear that legislators are not interested in regulating cryptocurrency. However, several government institutions around the world are attempting to regulate crypto–efforts that have resulted in several contradictory statements.