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While Sherman’s comments about crypto vs. the US dollar speak to his position as a representative of the Federal Government, his statements about crypto’s role in crime apply globally. “As a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion,” Sherman pointed out. Perhaps because of the time limit for his remarks, Sherman didn’t mention other, equally insidious criminal roles for cryptocurrency – cryptojacking , electricity theft, and mining by organized crime syndicates. He did reference how electricity for mining “takes away from other needs and/or adds to the carbon footprint,” however. Perhaps his strongest argument for banning crypto attacks the philosophy at the heart of the crypto movement. “Some of its supporters delight in that [facilitation of criminal enterprise] – that if you can disempower the US government from being able to prevent terrorism, narcotics trafficking, and tax evasion, you have somehow struck a blow for liberty,” he said. “That is reason enough to ban it.” Within minutes of Sherman’s remarks, the crypto community erupted in consternation, trotting out the tired, fallacious arguments I’ve pointed out before . Many such ‘arguments’ were simply ad hominem attacks against Sherman himself – the weakest possible attempt at counterargument available to someone with no valid argument to present. “Your comments and questions asked at yesterday’s committee hearing about bitcoin and crypto were surprising ill-informed and laughable,” tweeted @sublimechain. The ad hominem tweets kept coming.

For the original version including any supplementary images or video, visit https://www.forbes.com/sites/jasonbloomberg/2018/07/21/congressman-prohibit-us-persons-from-buying-or-mining-cryptocurrencies-crypto-world-erupts/

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