As a lot of you may know, politicians tend to talk about crypto, as well as a lot of other things, without researching it or understanding how it works. We've all seen it once and here we have one more to add to that list, and man does this one take the cake of stupidity.
The congressman in question is Rep. Brad Sherman (D- CA) and the only correct thing he said during his hearing was that
Crypto is highly volatile
Must have taken him a few days to find that oh so hard to find information. Anyway, he goes on to talk about how crypto takes from the poor and gives to the rich and how billionaires and millionaires take advantage of the system while the exchanges profit either way. And though it is true that exchanges profit either way it is just as likely for a millionaire to get rich from crypto as it is from anything else and the same goes for other people, the difference being that a lot of crypto has the aim of helping the lower class get into a decentralized system that might be better for them than their own currency is, which other "gambles" like stocks do not give people and are way more likely to exploit people than crypto...
And than comes this zinger
Cryptocurrencies have the political support of patriotic anarchists who are rooting for tax evasion. I hope we shut it down.
I applaud him for his attempt to connect us with people that tried to overthrow the government, and making us sound way cooler than we actually are... but as usual, this statement is so unbelievably cretinous that just reading it made me cringe my mind out. Shutting down crypto isn't something that can be done, unless he plans to destroy every computer in existence... and he obviously does not understand that if he can make such statements. It's also obvious that he has no clue what cryptos use cases are either if all it can be used for is tax evasion.
What's more interesting, people like him are usually the type of people to do actual tax evasion while getting a load of money, not crypto investors. Also, he said that he'd rather have people "investing" in the lottery than in crypto... that actually came out of a human beings mouth. Unbelievable.
I didn't have the patience to read more about what he said cause I'd lose more of my brain cells but there was mention of a different congressman that I was pleasantly surprised to see. Tom Emmer (R-MN) said that
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.
Honestly this is the best comment I've seen made about crypto by a politician that isn't high on the stuff, so it's definitely a breath of fresh air.
Nothing else to say for this one, just shows how much of a problem decentralization brings to the table for people that want total control over everything, as long as there are people who say stupid stuff like this dude crypto will do great.
Thanks for reading hope you enjoyed!