##U.S. congressman calls for ban on all Cryptocurrencies

[Sheryl joseph]

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A member of the U.S. Congress today called for an outright ban on cryptocurrencies. Democratic representative Brad Sherman warned of the threat Bitcoin and other cryptos pose to the hegemony of the U.S. dollar.

According to Sherman, the U.S. dollar has a key role as the world's reserve currency, and is an important way for American power to be asserted globally. He claimed (not inaccurately) that cryptos and their enthusiasts are explicitly seeking to undermine this power.

Sherman warned that "the most significant sanctions we have on Iran, for example, would become irrelevant" if crypto were eventually to usurp USD as the international standard for financial transactions. He called for others to support him in drawing up a bill proposing "to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud".

The crypto community reacted to Sherman's suggestion more or less exactly as you would expect. ShapeShift head Erik Voorhees compared the congressman to a villain in a story written by libertarian fanboys' favourite Ayn Rand, while others pointed out that Sherman's speech had in fact inadvertently provided a great argument for Bitcoin and crypto.