Ban All Cryptocurrency? Anti-Bitcoin Onslaught From Traditional Incumbents Continues

As the price of Bitcoin (BTC) has boomed, so have the number of incumbents of traditional finance and politics taking to the streets to bash cryptocurrency. In Washington, D.C. on Thursday, one American politician — and a prominent one at that —  suggested that cryptocurrencies should be banned. Yikes. (Note: there is some opinion scattered through this piece.)

During Thursday’s Financial Services Committee hearing, U.S. Congressman Bradley Sherman, who represents the Democrats in California — the home of technological innovation of all places — suddenly brought on cryptocurrencies. During his rant-esque statement, which was recorded by industry non-profit Coin Center, Sherman remarked that Congress should outlaw cryptocurrencies for U.S. citizens. He remarked:

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