You Can't Ban Math: Crypto Unites to Call Out Congressman

In the span of a few hours, it became Crypto Twitter vs U.S. Representative Brad Sherman.

By Madeline Meng ShiCoinDesk Insights
Jul 19, 2018 at 9:30 p.m. UTCUpdated May 2, 2022 at 3:53 p.m. UTC
By Madeline Meng ShiCoinDesk Insights
Jul 19, 2018 at 9:30 p.m. UTCUpdated May 2, 2022 at 3:53 p.m. UTC

In the span of a few hours, it became Crypto Twitter vs U.S. Representative Brad Sherman.

On Wednesday, Congress hosted a pair of back-to-back hearings on the topic of cryptocurrencies (read CoinDesk's coverage here and here), which notably saw Rep. Sherman – no stranger to controversy among crypto circles – call again for a blanket ban on "buying or mining cryptocurrencies."

And while Sherman is just one lawmaker among more than 400, social media observers quickly turned their sights on the California Democrat. For example, Sherman was accused of bias because his largest donor this past election cycle is a credit card payments firm based in Los Angeles (where his district, California's 30th Congressional, is based).

Sherman's declaration – and indeed, the wider social conversation around the twin hearings – led to a boost for the #CryptoCongress hashtag. According to data from Twitter analytics site Keyhole, the hashtag had a reach of over 1 million accounts and more than 2.7 million impressions from the start of the hearings yesterday to today.

As for Sherman himself, whether the member of Congress has any remarks on the hubbub remains to be seen – as of press time, Sherman's office hadn't responded to a request for comment.

From the moment that Sherman issued his remarks, the response was, to put it bluntly, unsparing:

And as might be expected, the oft-used criticism that the U.S. government is endlessly printing dollars came to the fore (likely in light of Sherman's partial focus on mining, a process by which units of cryptocurrency are created). 

Some of the harshest words came in the form of accusations of a conflict of interest, given the Allied Wallet connection.

A few of them even probed deeper into this matter, highlighting how Allied, back in 2010, forfeited $13.3 million to the U.S. government as part of a settlement over payments linked to illegal online gambling. 

But could the uproar lead to actual political repercussions for the California Democrat? In the wake of the hearing, the hashtag #UnseatSherman2018 began to appear, and several observers claiming to be from the Golden State said that they wouldn't vote for him in the next election.

What's resoundingly clear is that the crypto social sphere – often a scene of acrimony and sniping over a variety of subjects – largely came together in light of Sherman's remarks.

As the saying goes,  "having an enemy is a great way to unite a community."

Sherman image via House.gov

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
First Mover Asia: USDC Hasn’t ‘Flippened’ USDT, but Trader Preferences Are Changing; Cryptos Rise Despite Bearishness

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

2
Musk Sets New Condition for Twitter, Citi Says Terra’s Fallout Unlikely to Hit Wider Financial System

The most valuable crypto stories for Tuesday, May 17, 2022.

The most valuable crypto stories for Tuesday, May 17, 2022.

3
Market Wrap: Cryptos and Stocks Mixed Amid Bearish Sentiment

BTC is stabilizing around $30K while stock market volatility begins to fade.

BTC is stabilizing around $30K while stock market volatility begins to fade.

4
New Data Shows Underground Bitcoin Mining Thriving in China

The U.S. has also expanded its lead in the global hashrate competition.

The U.S. has also expanded its lead in the global hashrate competition.