Congressman Crypto Ban + Crypto Market Update


Hi everyone and welcome to the video
thank you for tuning in we have some interesting news today and let’s jump
straight into it Bitcoin bashing Democrats congressman
Brad Sherman is urging his colleagues to pass a law that would ban
crypto currencies in the US I look for I look for colleagues to join me in
introducing a bill to outlaw crypto currency purchase buy and purchases by
Americans so that we nip this in the bud he said in a quote. Congressman Sherman
who’s from California, made the remarks on the 9th of May at a meeting of
the House Financial Services Committee. Sherman says the ban is necessary
because crypto threatens to undermine the US Dollar and is only useful for
criminal activities like money laundering, drug dealing and tax evasion.
Moreover, Sherman notes that crypto evangelists have made no secret of their
desire to replace fiat currency that is unacceptable to him so to quote what he
says an awful lot of our international power comes from the fact that the US
dollar is the standard unit of International Finance and transactions
clearing through the New York Fed is critical for major oil and other
transactions it is announced it is the announced purpose of the supporters of
cryptocurrency to take that power away from us to put us to put us in a
position where the most significant sanctions we have against a run for
example would become relevant and he goes on just I want to continue there’s
tweets as well from coin Center now this kind of goes on him saying he’s alarmed
by the use of crypto currencies and for criminal activity even though we
obviously know that crypto is used for many legitimate purposes and that fiat
is obviously used for criminal purposes as well just for balance something
that’s often disregarded i and yeah it just goes on about links to
terrorism. I won’t now I’m not gonna go on really I think enough has been said I
don’t want to make this a political video this is the first topic I’ve ever
covered about a politician and their opinion in regards to
cryptocurrencies I know there are others in the space and I again I won’t delve
into politics and name names that also detest Bitcoin and cryptocurrencies look
I’m glad CCN has reported this because it’s critical that I realized sincerely
hope that this ban does not go ahead especially with America being a very key
for being one of the major forces in finance the bit of the most important
you could argue this is just really frustrating and I just like to draw your
attention to various bands that happen in the past with cryptocurrencies so
this is nothing new with all these proposed government bans and sanctions
and limitations being imposed on the general community wanting to engage or
to invest in crypto or trade with it I want to draw your attention to India
there’s an article back in July 2018 talking about this ban on cryptocurrency
trading so you know they reversed I think they they impose the band and they
reversed it and now this discussion again to to ban it once again and it is
just nauseating it’s so frustrating and do not understand why people these
governments just it’s not that they you could say they should concede defeat but
why can’t they just accept the cryptocurrencies and blockchain
technology and just the kripp crypto currencies will be around they’re going
anywhere at all people think that it’s all just going to the old technology or
they think that Kryptos will just wither in a hole and die and then everything
will just go back to normal no that’s not going to happen the more they try
and stop us the more we’re going to say no you need to accept change and this is
a change for the greater good whether they like it or not so we have to put
the foot down and they will they will eventually realize they will regulate it
and say okay we’re going to make something work for everyone to a certain
point now we’ve got so as I said the Indian government here and then there
was in terms of what brad sherman was saying he was talking about and the rise
of cryptocurrencies current crypto currencies cheese my
goodness I can’t speak today well undermine the USA’s ability to
impose sanctions I answer Venezuela we’ve gotta run and then other countries
as well so then as a consequence where the US banning the transactions and
digital currencies or at least mostly with the pedlar off and then
cryptocurrency crypto perch bans on crypto purchases especially when it came
to cross-border payments a lot of people are sending remittances and all and then
we’ve got more Bitcoin bashing this is and this is actually an opinion piece
from mister money mustache in in The Guardian and again yeah more Bitcoin
bashing it’s just everyone’s getting on the bitch the Bitcoin bashing bandwagon
so the Bitcoin uses in Iran also struggling with the sanctions imposed by
the US and then I guess the u.s. is just making it more and more difficult to try
and transact and then use these Kryptos now fortunately I’m exempt from a lot of
this here in Australia the government seems to be bit more warm they’ve warmed
up to the idea somewhat the way I look at it here is just the government’s just
want their fair share of tax revenue from crypto and you know that’s all
that’s a whole new discussion in itself I’d rather it be regulated than banned I
think many of us have accepted that to a certain point regulations aren’t
necessary and it’s much better than a bandit looking at disruptive
technologies like uber for example in many countries it’s been regulated and
despite the teething issues and then of course rivals like the taxi drivers or
the taxi industry having their qualms about it it’s somehow worked at least
here in Australia so I kind of see this as a model in a way of how
cryptocurrencies will be a huge disrupter but over time with regulation
it’s going to work out and then it will end up being from a consumer perspective
amazing because we’re going to have more options and then we’re going to harness
the blood of the blockchain technology anyway I’m waffling here but this is a
very visit of topic you could say and I just
don’t want I just I’m worried that the prices could collapse again if we get
all these bands being imposed because we’ve been through such a lengthy bear
market the last thing we need is to have any more sanctions or bands with
cryptocurrencies look I want to point out the crypto prices for the day quick
summary on life coin watch here Bitcoin has held not only held above 6000 but
it’s continued to grow and showing the the steady increase towards 7000 which
is wonderful news mostly green throughout the market EOS is pretty much
about close to neutral by Nance coin has dropped I assume that’s in rare in
response to the hacking that occurred recently still has kept going down some
others going down I just want to point out the big news of the day as well
other big news to light coin has has penned a deal with this blockchain
start-up traveler I’m going to talk about this more in more detail in a
separate video otherwise this will just get too long thank you very much for
tuning in I appreciate it if you’ve listened this
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anything to say or just want to say g’day to me here in Australia I shout
out to a shout out to everyone around the world listening thank you again I’ve
got links to other videos

2 thoughts on “Congressman Crypto Ban + Crypto Market Update”

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    P.S. The opinions in this video are my own and may not reflect those of the authors listed in the video. None of this information is legal, tax and/or financial advice.

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