National Crypto: According to the Federal Reserve, Americans still use cash more frequently than any other payment method, but could the rise of cryptocurrencies change that? Duke University finance professor Campbell Brown argues that the United States should ditch paper currency for fully trackable national version of Bitcoin.
Congressman Brad Sherman is no stranger to controversial statements on the subject – back in March he called cryptocurrencies “a crock” – and during the Wednesday hearing of a subcommittee for the House of Representatives Financial Services Committee, he went so far as to advocate keeping Americans out of the market entirely. “We should prohibit U.S. persons from buying or mining cryptocurrencies,” the California Democrat – whose largest donor is credit card processor Allied Wallet – declared. He added that, beyond cryptocurrencies being potentially used as a form of money in the future, it can currently be used by tax evaders and rogue states seeking to bypass U.S. sanctions. One of the panelists, Norbert Michel, director for the Center for Data Analysis at the Heritage Foundation, pushed back against the idea that criminal use should define cryptocurrencies as a whole.