Fear of Dollar Devaluation: US Congressman Proposes Bill to Ban Cryptocurrency Trading

• Congressman Solicits support to outlaw cryptocurrency trading in US
• Why the proposed bill could be a mission impossible

Cryptocurrency keeps shaking the grounds and governments across the world are getting scared of its future implication. Chinese government has been pushing forward its intention to ban Bitcoin (BTC) mining in the country which some crypto analysts tagged as blessing in disguise. A United States (US) congressman is on the verge of sponsoring a bill to ban cryptocurrency trading in the country.

The fact that cryptocurrency is a nascent commodity that keeps attracting global attention with its steady growth and popularity seems to be threatening countries that lead the world’s economy especially the US that has its currency at the forefront.

It was rumoured a couple of days ago that Indian Government is also proposing to ban cryptocurrency trading, which was later refuted and termed untrue, but to every purported falsified info there is always an element of truth.

United States Congressman Proposing Bill to Ban Cryptocurrency Trading

Brad Sherman, a United States congressman from California who doubles as a crooked critic of Bitcoin (BTC) is soliciting support from his colleagues in the US congress so as to successfully push a bill to ban cryptocurrency trading in the country.

The proposal is seen as fear of US dollars devaluation against the steady growth of Bitcoin (BTC) in the crypto market. Sherman promises to bring up the legislation that make cryptocurrency trading illegal to all the citizens of the United States, believing it will reinstate the country’s prominence economically and politically

Sherman:

“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency – the purchases by Americans – so that we nip this in the bud in part because an awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and transactions”.

Brad Sherman continues to exhibit fear by clearly noting that cryptocurrency is a big threat to the country’s national currency (US dollar), which would end up disempowering the United States and the rule of law.

“So whether it is to disempower our foreign policy, our tax collection enforcement or our traditional law enforcement, the purposes of cryptocurrency, the advantage it has over sovereign currency, is solely to aid in the disempowerment of the United States and the rule of law.”

Today in Congress Rep. Sherman called for a bill to ban all cryptocurrencies.

This is why Coin Center is needed in DC now more than ever. pic.twitter.com/jgikm7z8bI

— Coin Center (@coincenter) May 9, 2019

At present, there is no assurance that Sherman’s proposal will gain the needed supports from his fellow congressmen since blockchain, the backbone behind all cryptos,  received backing of some house members as far back as 2016.

In September 2018, Bill Foster, a US congressman joined Blockchain Caucus, believing that the new technology has the ability to greatly impact United States economy positively by changing business direction in almost every sector.

While larger companies in the country such as Fidelity, Facebook and others are following the cryptocurrency trend, outlawing digital currency trading in US might be a mission impossible.

So, whether Brad Sherman’s proposal will see the light of the day depends on the supports he receives from the congress, but with the look of things, such proposal is liable to divide the congress since there are some in-house congressmen gunning for Blockchain technology and cryptocurrency already.