U.Today - In , U.S. Congressman Brad Sherman openly expressed his hope for the end of cryptocurrencies, a stance that will ruffle the feathers of crypto enthusiasts.
"I hope so, don't think so," was Sherman's succinct response when asked if the ongoing crackdown signaled the end of cryptocurrencies in America.
His caustic comment follows recent taken by the SEC against major cryptocurrency exchanges, Binance and Coinbase (NASDAQ:COIN).
The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.
He dismissed crypto's claimed advantages for everyday users, stating, "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 expressed skepticism at the high valuation of certain cryptocurrencies, arguing there was "no logical reason why Bitcoin is more valuable than Hamster Coin or Cone Tribe Coin". He suggested that the market's obsession with these digital currencies had drawn "charlatans", but predicted that crypto would "fade because of crypto".
Despite his harsh criticisms, the Congressman stopped short of calling for complete regulatory extinction, suggesting the market might self-regulate.