Is This the End of Crypto? This U.S. Congressman Hopes So...

[tokyohd]

In a recent CNBC interview, U.S. Congressman Brad Sherman openly expressed his hope for the end of cryptocurrencies, a stance that will ruffle the feathers of crypto enthusiasts.  "I hope so, don't think so," was Sherman's succinct response when asked if the ongoing crackdown signaled the end of cryptocurrencies in America. His caustic comment follows recent regulatory actions taken by the SEC against major cryptocurrency exchanges, Binance and Coinbase. The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

Read more on
U.Today https://u.today/is-this-the-end-of-crypto-this-us-congressman-hopes-so

[Ojima-ojo]

, Binance and Coinbase. The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

The question to ask the congressman is, aside from the various attacks and sanctions of cryptocurrency services providers e.g. legal battles with exchange and other cryptocurrencies gateways that are located in their jurisdictions, what else can their directly to end cryptocurrencies like bitcoin?


The answer is not far from the truth, which is nothing the US government can do to end cryptocurrencies unless for those that are centralized and other their control,  and the highest the US government can do is to block access to cryptocurrencies through the exchange closures and the rest of other cryptocurrencies easy access.


This may limit the rate of scalability of the cryptocurrency market and also affect the value of most coins, but in the long run, cryptocurrency will survive and keep thriving.

[Yaunfitda]

In a recent CNBC interview, U.S. Congressman Brad Sherman openly expressed his hope for the end of cryptocurrencies, a stance that will ruffle the feathers of crypto enthusiasts.  "I hope so, don't think so," was Sherman's succinct response when asked if the ongoing crackdown signaled the end of cryptocurrencies in America. His caustic comment follows recent regulatory actions taken by the SEC against major cryptocurrency exchanges, Binance and Coinbase. The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

Read more on
U.Today https://u.today/is-this-the-end-of-crypto-this-us-congressman-hopes-so

On the contrary, those Democrats might be creating their own problems by attacking crypto itself.

https://beincrypto.com/leaked-memo-democrats-organized-anti-crypto/

The memo appears to underscore partisan divisions among those charged with financial regulation. It suggests that crypto will become an even more partisan issue.

The document instructs Democrats in Congress to attack Republicans on multiple fronts. Including, on hammering them on the funding of the Commodity Futures Trading Commission, and backing Gary Gensler’s classification of “nearly” all crypto assets as securities.

So yeah, in the next election majority might lose their seats in Congress if they continue with their attacks and hard line stance on crypto.

As for the end, I doubt it, even US can't and won't stop it as this is the future. Just wait for the next bull run, and how huge it's going to be.

[YOSHIE]

We have often seen skewed/negative news about crypto from year to year, general attacks are carried out by certain countries, the US, China, and several others, oppose and always speak bla'bla'bla. In fact, for now there is no serious action, only nonsense.

You have to read the whole thing to the end.

Sherman expressed skepticism at the high valuation of certain cryptocurrencies, arguing there was "no logical reason why Bitcoin is more valuable than Hamster Coin or Cone Tribe Coin". He suggested that the market's obsession with these digital currencies had drawn "charlatans", but predicted that crypto would "fade because of crypto".

Sherman's attacks and criticisms, are more towards one type of crypto, namely Bitcoin, he is annoyed because Bitcoin's price is too high, I believe that if Bitcoin is currently in a price position like in 2010, there is no attack from Sherman, he buys as much as possible.

Remember, crypto cannot be destroyed by one person or parliament, remember that.

[Awaklara]

what's happening right now could affect the price of most assets, but not the crash of crypto. they do not have the ability to control crypto assets like Bitcoin. and that is their reason for shutting down the exchange platform to disrupt the value as well as the Crypto market.
we will feel the impact if exchanges as big as Binance and Coinbase are affected by this problem. but it's not going to completely destroy crypto like Bitcoin which they really can't control.

[AakZaki]

We have often seen skewed/negative news about crypto from year to year, general attacks are carried out by certain countries, the US, China, and several others, oppose and always speak bla'bla'bla. In fact, for now there is no serious action, only nonsense.

You have to read the whole thing to the end.

Maybe they deliberately made bad news, so that they could collect at a low price. They seem to be deliberately making people too afraid of Crypto. They deliberately make the situation that crypto has a negative effect on its users. They busted a lot of stories after using Bitcoin many people felt bad economically. I think they should think again. Don't make the situation worse. The overwhelming population of the U.S. is a large community. They are influential for the life of BTC.  Perhaps what should be dissolved is congressmen, not BTC or crypto.

[BIT-BENDER]

what's happening right now could affect the price of most assets, but not the crash of crypto. they do not have the ability to control crypto assets like Bitcoin. and that is their reason for shutting down the exchange platform to disrupt the value as well as the Crypto market.
we will feel the impact if exchanges as big as Binance and Coinbase are affected by this problem. but it's not going to completely destroy crypto like Bitcoin which they really can't control.

I don't know why this should even be a topics, this won't be the first time we would be seeing this sort of issues, many times we would see that the government and institution has always tried hard to stifle the growth of crypto-currency but non of this scheme has ever worked and there is a reason to this and that's the fact government don't have authority on how the crypto-currency market would go.

Well but I think the only people government decision on crypto-currency can affect are those that aren't rooted into it or the newbies. Even in countries that has banned crypto-currency the citizens has still found a way around it.

[Ambatman]

Bitcoin was banned in China but is still growing.
People should realise that USA isn't the world
It might be a temporary pause on crypto 'legally' in USA but adoption may sprang up when they find themselves lagging behind
They ain't dumb just desperate the dollar is losing its stand against crypto
This is the disadvantage of been rigid and sticking only to tradition without considering the benefit of this change
No, I believe they are aware of its impact they all been selfish and scared of losing power
This isn't the end of Crypto
One country can't destroy crypto
Miners are everywhere
Even in all this some citizens in USA would still continue

I don't know why this should even be a topics, this won't be the first time we would be seeing this sort of issues, many times we would see that the government and institution has always tried hard to stifle the growth of crypto-currency but non of this scheme has ever worked and there is a reason to this and that's the fact government don't have authority on how the crypto-currency market would go.

Well but I think the only people government decision on crypto-currency can affect are those that aren't rooted into it or the newbies. Even in countries that has banned crypto-currency the citizens has still found a way around it.

As you said the only people that can be affected by it is newbie or those ain't deeply rooted,I believe that's why it's in the beginners and help section. The answers gotten can help boost their confidence and learn about how resilient Bitcoin is.

[$crypto$]

Maybe they deliberately made bad news, so that they could collect at a low price. They seem to be deliberately making people too afraid of Crypto. They deliberately make the situation that crypto has a negative effect on its users. They busted a lot of stories after using Bitcoin many people felt bad economically. I think they should think again. Don't make the situation worse. The overwhelming population of the U.S. is a large community. They are influential for the life of BTC.  Perhaps what should be dissolved is congressmen, not BTC or crypto.

There will be no end to negative news to destroy crypto the government always wants to thwart everything from opposition to making people panic, they also always make the market crash with a series of words from the top congressmen, so they just want everyone to switch to dollars, not crypto anymore.
I will not believe that this is the end of everything, crypto cannot be destroyed by anything, including government decisions that reject it, we will continue to believe in crypto and make things easier.

[minairia3]

what's happening right now could affect the price of most assets, but not the crash of crypto. they do not have the ability to control crypto assets like Bitcoin. and that is their reason for shutting down the exchange platform to disrupt the value as well as the Crypto market.
we will feel the impact if exchanges as big as Binance and Coinbase are affected by this problem. but it's not going to completely destroy crypto like Bitcoin which they really can't control.

Furthermore, cryptocurrencies, including Bitcoin, are subject to market fluctuations and external influences. Prices and adoption of cryptocurrencies can be affected by government regulations, investor sentiment, and general economic conditions.

Due to their fundamental properties and principles, such as decentralization and blockchain technology, cryptocurrencies are resilient and independent of centralized control even if certain actions by exchanges or regulatory bodies disrupt the market for a short time. So, the right way to stay informed about the latest developments in the cryptocurrency market and to understand the risks associated with investing is to stay informed about the latest news. Investing in cryptocurrencies or Bitcoin is most effective when you diversify, manage risk, and maintain a long-term outlook.

[Dr.Bitcoin_Strange]

Is This the End of Crypto?

Nope, not the end of crypto. just a painful time on crypto. It could be challenging that this issue could lead to a price dump, just as people are saying it would. But dammit, nothing lasts for ever; it's just for some period of time (months or years, and everything will become history). There's an old saying here that goes, "After rain, comes sun." which means Bitcoin will still bounce back after some time. The only way in which I feel crypto can be stopped is to stop the internet, which is not possible. As long as there is an internet connection, and blockchain technology still exists, crypto will continue to exist.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[Stalker22]

I agree with some who have already mentioned, I do not know if we even need a topic about this. Especially in the Beginners & Help section, this seems off-topic to me.

There will always be some who oppose the idea of Bitcoin, including some high-ranking officials. But that does not mean that the government is going to ban it. And even if they did, they wouldn't be able to do so immediately and completely. There would still be a lot of people who use Bitcoin, including those who do not care about what the government says or does.

But here in the Beginners & Help section, we try to bring all those who are new to Bitcoin together, including those who may not have heard about it before and might be afraid of what they see or hear about it. So, I think it is best to move this topic out of the section and let us focus on helping newcomers with their questions.

[royalfestus]

In a recent CNBC interview, U.S. Congressman Brad Sherman openly expressed his hope for the end of cryptocurrencies, a stance that will ruffle the feathers of crypto enthusiasts.  "I hope so, don't think so," was Sherman's succinct response when asked if the ongoing crackdown signaled the end of cryptocurrencies in America. His caustic comment follows recent regulatory actions taken by the SEC against major cryptocurrency exchanges, Binance and Coinbase. The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

Read more on
U.Today https://u.today/is-this-the-end-of-crypto-this-us-congressman-hopes-so

Based on my experience here, I'm pleased to report that the prominent influencers in this field do not endorse replacing the dollar with cryptocurrency. It seems that someone might be searching for an excuse to support a witchhunt. If the country were to be investigated, it's possible that they could be one of the countries benefiting the most from the increased interest in crypto investments.

[Hyphen(-)]

, Binance and Coinbase. The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

The question to ask the congressman is, aside from the various attacks and sanctions of cryptocurrency services providers e.g. legal battles with exchange and other cryptocurrencies gateways that are located in their jurisdictions, what else can their directly to end cryptocurrencies like bitcoin?

I don't believe anyone, not even a country or an organization, can put an end to Bitcoin's rise because Bitcoin is independent and decentralized, unlike altcoins, which can be regulated by the government due to certain financial rules.

The answer is not far from the truth, which is nothing the US government can do to end cryptocurrencies unless for those that are centralized and other their control,  and the highest the US government can do is to block access to cryptocurrencies through the exchange closures and the rest of other cryptocurrencies easy access.

To me, this is merely talk since he is in a position to discuss the matter, but the US government as a whole cannot stop Bitcoin; the only thing they can easily do is stop using exchanges, which can never stop Bitcoin.

[Upgrade00]

The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

He could have worded this that the primary use of Bitcoin is to escape the inflation crash in the dollar and other fiat currencies.
With people like this it is not surprise that we actually want an escape from government's overbearing sanctions and regulations. It is always ironic watching or reading people talk about something they have no idea about.

[Kelvinid]

The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

He could have worded this that the primary use of Bitcoin is to escape the inflation crash in the dollar and other fiat currencies.
With people like this it is not surprise that we actually want an escape from government's overbearing sanctions and regulations. It is always ironic watching or reading people talk about something they have no idea about.

In fact, they are making this issue before and always talking about topping Bitcoin, and yet they fail, and I know they will still fail again this time. Because people don't believe such power to stop thousands of people who are in crypto now that giving support and using it in their daily lives. Yes, it was hard to expect from someone who really doesn't have an idea about Bitcoin/crypto because that is in their mind is their own interest and gaining popularity but not the welfare of their people who are living with the help of Bitcoin.

[Woodie]

From this, it's safe to assume people like Congressman Brad Sherman are the people pushing the SEC to do what its currently doing...

I even wonder if such people have taken a moment to find what good cryprocurrencies serve in today's world, Unlike having a biased opinion about it having to be used by criminals.

Btw Hope with all this, I hope they know that Bitcoin does not have on/off switch...once it goes online, it's on forever thanks to its decentralized nature.

[pooya87]

That's good news although it is not new. The more individual countries push back against bitcoin, specially a country like US where the hashrate has grown to non-negligible amounts, the better it would be for decentralization.
It's like China, the fact that the government continue placing more restrictions on bitcoiners helped spread the hashrate around the globe in addition to other bitcoin related businesses like exchanges.

[lionheart78]

Even if the US government does its best to terminate cryptocurrency activities in its country, it will never have the capability to end crypto.  The simple reason is that the US is not the world.  The US is just a country in many that is established throughout the world.  There may be countries that sympathized with it but there are also countries that are not.  In a simple world even with many allied countries, there will always be a country that is neutral and others hostile that can host the Cryptocurrency industry and take advantage of it.

I will believe the capability of the US if they can shutdown file torrenting which they have been combating for so long.

[Z390]

No one is ending anything related to crypto, they saw an opportunity and they took it, that's the case with SEC and FTX, the FTX crash was an opportunity for Gensler to pursue his agenda and the funny thing is, they got FTX CEO, and they did nothing about it, we still don't know all the people that benefitted from that funds that Sam stole using FTX, there is a hidden truth that politicians in America are behind the fast release of Sam and the high numbers of allegation on Sam have been pardoned, these people think we are fools, They use peoples money to fund their political agenda and still want to put pressure on people.