U.S. Member of Parliament, Brad Sherman, has been a vocal opponent of Bitcoin and other crypto assets for quite some time now. Recently, during a hearing for the FSC he even advocated the idea of banning the industry so that “American investors can be kept away from this market entirely”.

However, since Sherman made these statements, many facts about his personal finances have come to light. For starters, online records indicate that Mr. Sherman’s largest campaign donor is a credit card processor that goes by the name of ‘Allied Wallet’.

More on the issue

During a hearing for the US Financial Service Committee, Sherman called for a blanket ban on alt-assets, citing reasons related to digital currencies being used for “tax evasion” and “money laundering” purposes.

However, during the meeting, a panelist by the name of Norbert Michel, who serves as the Director for the Center for Data Analysis at the Heritage Foundation, decried this notion and said:

Yes it is true that criminals have used bitcoin, but it’s also true that criminals have used airplanes, computers, and automobiles. We shouldn’t criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.

Final Take

While much will be said regarding this issue in the coming few days, this revelation does point to the fact that many of the high-profile lawmakers who actively campaign against widespread crypto adoption might have personal interests vested in the matter.

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