WASHINGTON–A member of Congress is calling for legislation to outlaw cryptocurrencies.
During a Financial Services Committee hearing, Rep. Brad Sherman (D-CA) said, "I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans...in part because an awful lot of our international power comes from the fact the dollar is the standard unit of international finance and transactions.”
Sherman went on to add, "Whether it is to disempower our foreign policy, our tax collection enforcement, or our traditional law enforcement, the purpose 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.”
The Block reported that Sherman also cited the actions of the Islamic fundamentalist group Hamas and their attempt to solicit cryptocurrency donations as another reason to ban cryptocurrencies.
"The Hamas website provides detailed instruction on how you can send that terrorist organization cryptocurrency," he noted, adding that "the advantage it [cryptocurrencies] has over traditional mechanisms is singularity a benefit for those who wish to commit crime."