User Clip: Rep. Sherman on Cryptocurrencies

Rep. Sherman taking the dissent, calling cryptocurrencies a crock. Note: While his stance on ICOs is fair -- pointing out that ICOs do not go through the rigorous SEC disclosure requirements of IPOs, and that many people may lose their investments in them -- his views on cryptocurrencies are otherwise outdated and/or misinformed. "One of the things being touted by the people pushing these cryptocurrencies is that they're a device to evade government taxation, to evade government regulation, move money to terrorists or criminals." 1) That's an awfully broad brush with which he's painting the industry. It has progressed far beyond the days of Silk Road. 2) Plenty of crypto investors are willing to pay taxes on them (even though the IRS makes it very difficult). 3) Using an immutable, pseudonymous, public, distributed ledger for illicit finance is so poorly thought out that the government should be happy when it happens because it creates a verified permanent record of the transaction. close