In our Bitcoin news today, one American politician has proposed a bill that will see cryptos banned in the United States. Democrats Congressman Bradley Sherman of California was behind the proposed legislation. Despite the fact that this report has been making rounds in the crypto space, the major cryptos particularly the price of Bitcoin has surged.
In recent weeks, the price of Bitcoin has attained greater heights. As is the trend in the crypto market, when the leading asset class records gains or initiates bullish runs the rest of the market follows. This is also the case for a vast majority of the cryptos. Digital assets like Basic Attention Token and Litecoin have recorded gains as the price of Bitcoin increased.
“Outlaw Crypto Purchases in the United States,” Congressman Bradley Sherman of California Proposes
In Washington, this past Thursday, Bradley Sherman an American Congressman suggested that digital currencies should be banned in the United States. Congressman Sherman made the proposal during a Financial Services Committee hearing earlier in the week. The legislator who represents California suddenly brought up cryptos. During his statement, Sherman called for Congress to outlaw cryptocurrencies for United States citizens. In his words:
“I look forward to my colleagues joining me in introducing a new bill to outlaw crypto purchases by Americans. A vast sum of our international power comes the USD. The USD has been the standard currency for international transactions.”
According to the Congressman, cryptocurrencies are beginning to enter the “illicit finance” realm, specifically when you consider how the Hamas militia seeks funding in Bitcoin. He describes Bitcoin’s premise as a model based on libertarianism and anarchism.
Sherman Calls Cryptos the Plastic Gun of Currency
Sherman represents the crypto space like a sector predicated on tax evasion, and drug dealing. He effectively didn’t realize that Bitcoin and altcoins are much more than the things he mentioned. Besides the USD is used for questionable acts as well. Furthering Sherman jokes that “cryptocurrency is the plastic gun of currency.”
The California representative drew attention to the fact that crypto undermines the value of the USD stating that something like Bitcoin may “disempower foreign policy, traditional law enforcement and tax collection enforcement.”
Why Will This Report Be Bullish For Cryptocurrencies?
Despite the fact that banning Bitcoin and other cryptos may be perceived as a devastating move in the eyes of many, Anthony Pompliano, a Morgan Creek Digital partner believes that reports of such a legislation may actually boost Bitcoin adoption.
Pompliano explained that Sherman is actually “scared” of a situation “where non-sovereign currencies are default”. The Morgan Creek partner noted that with cryptos and other technological offerings decentralized, the United States and other major countries lose traction.
What is the Price of Bitcoin?
As of press time according to CoinMarketCap, the price of Bitcoin was trading at $6,707.04. The digital asset is up by 6.11% in the last 24 hours. The price of Litecoin is at $84.62 the digital asset is up by 10.93% in the last 24 hours. While the price of Basic Attention Token was $0.356896. The digital asset is up by 8.25% in the last 24 hours.