Rep. Brad Sherman Compares Crypto With Cocaine

Congressman Brad Sherman has compared crypto with cocaine and organ harvesting. He believes America doesn’t need to keep up on crypto.

There has been a constant tussle between crypto industry stakeholders and regulators in the U.S. On Tuesday, Congressman Brad Sherman compared crypto to cocaine and organ harvesting. But, the community is unimpressed.

Brad Sherman Says Crypto Industry Doesn’t Want Regulation

In a Bloomberg interview, Sherman said, “There’s this fear of missing out that we gotta keep up with other countries. Peru is way ahead of us in cocaine production. China is way ahead of us in organ harvesting. We don’t need to keep up on those things, and we don’t need to keep up on crypto.”

Sherman wants the U.S. to declare every crypto a security. He argued that the crypto industry doesn’t want regulation.

Pointing at the crypto industry, he said, “They would do everything possible, including everything Sam Bankman-Fried was doing to stop us from having real regulation.” 

Last year, Sherman claimed that Bitcoin has little intrinsic value and is only helpful as a vehicle for tax evasion.

Community Lashes out at Congressman

Sherman has received backlash from the crypto community for his remarks on the industry. Venture capitalist Nic Carter also questioned Sherman’s remark with a tweet.

 “Brad, did the EU pass comprehensive cocaine legislation? Is Hong Kong encouraging the domiciling of cocaine firms? Are Bermuda and UAE regulators trying to get cocaine firms onshore?  

Do you think perhaps your metaphor isn’t apt?”

Nic Carter

Carter sarcastically referred to the crypto regulation wave across the nations. Last month, the European Parliament approved the Markets in Crypto-Assets (MiCA) law for crypto regulations.

Governments in Hong Kong, Bermuda, and United Arab Emirates (UAE) are bringing provisions to encourage crypto firms to operate in their countries.

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