Crypto Enthusiasts Outraged as Congressman Brad Sherman Wishes for Cryptocurrency’s Demise

U.S. Congressman Brad Sherman publicly declared his desire for the demise of cryptocurrency in a recent CNBC interview, a position that will infuriate crypto aficionados.

Sherman’s pithy reaction when asked if the ongoing crackdown meant that cryptocurrencies in America were coming to an end was, “I hope so, don’t think so.”

His scathing remark comes in the wake of recent SEC enforcement actions against prominent bitcoin exchanges Binance and Coinbase.

The Congressman, who is well-known for his anti-crypto attitude, disputed the notion that cryptocurrencies might help the economy or consumers, asserting that its main purpose was to get over American government regulations and sanctions.

He rejected the alleged benefits of cryptocurrency for regular consumers, saying:

At one point, they were $3 trillion, and they didn’t make it easier or cheaper to buy a sandwich at Subway. If you go to Subway, you can use a debit or credit card. If you have crypto, you have to change it into money, then transfer it to your debit card, and then buy a sandwich.

Sherman questioned why some cryptocurrencies were valued so highly, claiming there was “no logical reason why Bitcoin is more valuable than Hamster Coin or Cone Tribe Coin.”

I joined @CNBC's @CNBCTheExchange to discuss the Fed interest rate decision, #Crypto, #AI and more.

Watch the full interview ⬇️ pic.twitter.com/0PFeCRBRPQ

— Congressman Brad Sherman (@BradSherman) June 14, 2023

The market’s fascination with these digital currencies, he claimed, had attracted “charlatans,” but he also predicted that cryptocurrency will “fade because of cryptocurrency.”

Despite his severe critiques, the Congressman refrained from demanding that all regulations be eliminated and instead suggested that the market might self-regulate.

World’s Largest Cryptocurrency Hits Rock Bottom

The price motion of Bitcoin [BTC] was comparatively constant last week, but altcoins experienced a severe setback as their prices dropped by double digits.

Over the previous week, BTC’s price decreased by more than 3%, according to CoinMarketCap. At the time of writing, Bitcoin had a market capitalization of more than $504 billion and was trading below the $26,000 threshold at $25,978.69.

The most recent tweet from Santiment disclosed an intriguing Bitcoin development. According to the tweet, the BTC exchange supply has decreased to its lowest level since February 2018, indicating that investors are collecting BTC. Despite the fact that a rise in accumulation is often bullish, this time, the situation was a little bit different.

📉 #Bitcoin's exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgp

— Santiment (@santimentfeed) June 14, 2023

This development may be mostly due to waning confidence in CEXs like Binance and Coinbase. This occurred as a result of two distinct incidents involving the US Securities and Exchange Commission (SEC) involving both of the main CEXs. However, it also reduces the amount of trading on these platforms, which lowers the order books’ total liquidity.

Related Reading | SEC’s Altered Views On Ethereum And Crypto Draw Criticism