The U.S. Congress has been scrutinizing the Libra project proposed by Facebook. However, the attention of Congress has shifted to the entire cryptocurrency domain as a congressman who expressed the necessity of government banning cryptocurrency has come out to reiterate the opinion this week.
Brad Sherman opines that cryptocurrencies are not ideal. He had the opportunity to speak while the latest hearing concerning Libra cryptocurrency was ongoing on October 23. He criticized cryptocurrencies like BTC as well as their purported use cases.
The congressman is renowned for his opposition to any money that challenges the function of USD as a worldwide reserve currency. While speaking, he started from his past claims and further mentioned the possibility of cryptocurrencies displacing the USD or interfering with it. However, as he continued to speak, he seems to give implausible importance to the notion that an upsetting financial instrument can be successful in stripping power off the USD.
The Congressman has clearly expressed his state of mind concerning Libra, that he no longer supports Libra. In July, he termed Libra the “Zuck Buck”. Following the words of Sherman, the cryptocurrency markets were hit by price falls as Bitcoin against the USD declined by 8% and landed at levels that was last reached in June 2019.