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IPFS News Link • Bitcoin

Congressman Wants To Ban Bitcoin Because It Threatens The Fed

•, by Simon Black

A US Congressman, Brad Sherman, is worried that Bitcoin and other cryptocurrencies will threaten US foreign policy, tax collection, and traditional law enforcement.

So his solution is to ban it.

Last week he urged his colleagues to make it illegal to mine, sell, or use Bitcoin and other cryptocurrencies in the United States.

The problem, he says, is that the US currently gains much of its power from the fact that most international money moves in US dollars, through the Federal Reserve.

"It is the announced purpose of the supporters of cryptocurrency to take that power away from us... the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law."

His version of "rule of law" includes things like civil asset forfeiture, just straight up stealing cash from people without even charging them with a crime.