At California’s 30th congressional district, Thursday 9th May, Congressman Brad Sherman (D-CA), a Democratic representative openly sourced for his colleagues’ support to outlaw cryptocurrencies, the congressman said that cryptocurrencies threaten to disempower American foreign policy and diminish the rule of law. The dollar is a really good standard of measure for the state many financial related and economic factors in the United States and the dollar is of high value globally. There is thereby a possible threat first to the jurisdiction of the American authority/government involved and the American power at large.
In a responsive statement, Sherman said, “An awful lot of our international power stems from the fact that the dollar is the standard unit of international finance and transactions […] it is the announced purpose of the supporters of cryptocurrencies to take that power away from us.” Sherman stated that clearing via the New York Federal Reserve remains very important for major transactions in various major global markets such as oil, as an emphatic corroboration of the monetary dominance of the dollar.
He went on in his speech highlighting possible negative effects of cryptocurrencies that are seemingly a global unit of value. The traditional/fiat money of different nations have always been put up against each other to measure value, for inter-trading purposes and more. But the emergence of cryptos has soon become a supplementary global unit for any purpose fiat money can be used for.
According to tweeted remarks, Sherman said that a currency other the American fiat currency would “Put us in the position where the significant sanctions we have on Iran, for example, would become irrelevant.”
The congressman conclusively laid a claim that a grave transformation to both the domestic and the global status quo would suffice as cryptocurrencies would disempower the U.S. foreign policy, and also the country’s tax collection and traditional law enforcement.
Notably, this is not the first call for a ban by Sherman. He had called for one on U.S. citizens buying or mining cryptocurrencies early in 2018. Lawmakers’ views are important and probably a tantamount guide in final decision making however one man may not be enough to make the difference. And as seen, some of the congressman’s fellow lawmakers are on the side of making cryptos stay on the American scene through some bills involving the promotion of blockchain.
Credits- Marie Huillet
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