“Cryptocurrencies are a crock”, Twitter reacts to ignorant remarks of House ICO hearing

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.

Many crypto users on Twitter accused Sherman of not being sufficiently educated on the matter.

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.

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.

Image: Cointelegraph