Home News Bitcoin Congressman Calls for Ban on Bitcoin Purchase

Congressman Calls for Ban on Bitcoin Purchase

May 10, 2019 13:19
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For every Hester Peirce out there, trying to get the Securities and Exchanges Commission (SEC) to bring about cryptocurrency-friendly policies, there is  Bradley Sherman, the United States Congressman who is serving as a Democratic member of the United States House of Representatives, trying to call for a ban on cryptocurrencies.

Sherman, speaking during the Financial Services Committee hearing, urged his colleagues to pass a bill that would ban the purchase of bitcoin and other cryptocurrencies. He asked his colleagues to join him to introduce a bill to outlaw the purchase of bitcoin and other cryptocurrencies by the American citizens. He added that America receives a lot of international power from the fact that the US dollar is the standard unit of international finance and transactions throughout the world.

This comes as a mild shock given that, there have been a few people in the Congress who have been trying to bring about policies and bills in favour of cryptocurrencies.

Last month, US representatives Warren Davidson and Darren Soto, who have been at the forefront of bringing about blockchain and cryptocurrency to the mainstream had introduced two Bills on the same in the Congress.

The Bill which maybe titled ‘Virtual Currency Consumer Protection Act of 2019′ if it becomes an Act, stated, “It is the sense of Congress that virtual currency could have a significant effect on the economy, and regulation of them may be important to protect investors, deter bad actors, create market certainty, and ensure American competitiveness in an evolving global marketplace.”

Apart from that, the other Bill that was introduced in the Congress was ‘U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2019.’ In layman terms, the Congress had said, “Virtual currency could have a significant effect on the economy, and regulation of virtual currency may be important to protect investors, deter bad actors, create market certainty, and ensure American competitiveness in an evolving global marketplace.”

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