US Rep Brad Sherman Takes Shot At Crypto Bros, Argues Government Can Make 'Money Out Of Thin Air'

Benzinga · 05/11/2023 01:09

U.S. Congressman Brad Sherman, who is a California Democrat and a vocal critic of cryptocurrencies, has expressed doubts over the future of digital assets in the United States.

What Happened: His remarks came during a Wednesday joint hearing of two committees in the US House of Representatives that sought to streamline legislation on digital assets.

"Crypto bros make money literally by making money, and they've made over a trillion dollars," said Sherman. "They'll accuse the U.S. government of making money out of thin air. Maybe we do, but we're the U.S. government."

During the hearing, Sherman also called cryptocurrencies a “hidden money system” that diverts capital investment away from productive industries. He also pointed out that their “announced purpose” is to subvert sanctions and tax laws. 

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Why It Matters: Sherman, who is the Chair of the House Financial Services Subcommittee on Capital Markets and Investor Protection, has been a vocal critic of cryptocurrencies and has made previous attacks on the industry. In November 2022, following FTX’s collapse, Sherman once again targeted the crypto industry and accused “billionaire crypto bros” of attempting to delay “meaningful legislation” from the Federal government.

In 2018, he said that all Bitcoin (CRYPTO: BTC) does is allow "a few dozen men in my district to sit in their pajamas on their couch all day and tell their wives they are going to be millionaires.

Price Action: At the time of writing, BTC was trading at  $27,429.57, down 0.82% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Tumble Despite Inflation News: Analyst Sees Altcoins Bleeding Against Apex Crypto In Massive ‘Reckoning’