California State Rep. Brad Sherman Has Egg on his Face

Rep. Brad Sherman (D) CA

California State  Rep. Brad Sherman (D) has proposed a ban on cryptocurrencies at a House Financial Services Meeting on February 13, 2018:

"We should prohibit U.S. persons from buying or mining cryptocurrencies," he said. "Mining alone uses electricity which takes away from other needs and-or adds to the carbon footprint. As a store, as a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion."

But, it appears that Mr. Sherman may have other than altruistic reasons for his opposition to the application of block-chain technology to decentralized types of currency: A quick search of Representative Sherman, shows that his biggest campaign contributors for 2017-2018 are Capital Group Companies, Royal Business Bank, and Allied Wallet: all of which are providers of  international banking, investment, and credit card services.

Although Democrats often point fingers at Republicans when it comes to favoring big money and corporate donors, it appears that they themselves are not above the practice. Is it possible Mr. Sherman is working on behalf of his donors who are threatened by the very existence of cryptocurrencies? Representative Sherman, you appear to have egg on your face.

How to purchase Bitcoin without a third-party exchange: