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US Congressman Tender A Ban on Crypto Buying and Mining

Bradley James Sherman, an American politician serving as a Democratic member of the United States House of Representatives on July 18, gathered along with the members of the House Committee on Agriculture and the House Financial Services Committee
on a hearing to discuss the future of the crypto-verse.

Group chairman Rep. K. Michael Conaway of Texas (R-Texas) enlightened: “This hearing will shed light on the promise of digital assets and the regulatory challenges facing this new asset class for which the committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology.”

On this Rep. Brad Sherman of (D-Calif.) exacerbated a bang from the podium “We should prohibit U.S. persons from buying or mining cryptocurrencies. As “Mining alone uses electricity which takes away from other needs and-or adds to the carbon footprint. Whether to store or use it as a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion.”

Brad Sherman from the past showing his dislike towards the crypto market due to its strong volatility and money laundering issues- Earlier this year in March, he called cryptocurrencies “a crock”

But there are few in the committee who did not correspond with Sherman. One of the panelists, Norbert Michel, director for the Center for Data Analysis at the Heritage Foundation, broke out against the idea that criminal use should define cryptocurrencies as a whole.

He said “Yes it is true that criminals have used bitcoin, but it’s also true that criminals have used airplanes, computers, and automobiles. We shouldn’t criminalize any of those instruments simply because criminals used them and these components I believe are the main barriers to widespread adoption in the U.S.”

In line, Congressman Mike Conaway, US representative for Texas in his concluding speech, sounding in favor of bitcoin — at least resisting privacy-focused cryptocurrencies like Monero or Zcash.

From R Street Institute, a senior fellow, Alex Pollock declaring this perception as “a terrible idea – one of the worst financial ideas of recent times.” But with the strong opposition against bitcoin other committee members also agreed although hesitatingly and tries to raise more primary issues about how blockchain and cryptocurrencies actually work.

George William Foster, an American businessman and U.S. Representative for Illinois’s probed about blockchain immutability, saying “the promise of blockchain is a non-falsifiable ledger and still it is an unsolved problem in the digital world for authenticity.”

However, Michel mentioned in a conducive note:

“It is certainly difficult to imagine a cryptocurrency replacing the U.S. dollar as long as the Federal Reserve acts as a moderately good steward of the national currency, but it is for this very reason that Congress should eliminate barriers that impede people from using their preferred medium of exchange.”

And during the end of the discussion moment, Garland Hale “Andy” Barr, chairman of the committee and member of the U.S. House of Representatives from Kentucky, brought out an immense impact of cryptocurrencies on the financial system and decided for the committee members to resume once again for the subsequent symposium.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin3,359.54 0.43 % 0.72 % 10.60 %
Ethereum87.78 0.28 % 0.39 % 13.14 %
XRP0.299 0.19 % 0.37 % 10.54 %
Litecoin23.55 0.68 % 1.12 % 19.28 %
Bitcoin Cash96.10 1.28 % 4.15 % 22.61 %