Vorhees: Governments Will Oppose Crypto With a Vengeance
CEO of Shapeshift, Erik Vorhees tweeted a rather striking message on Sunday which details how governments and central banks will oppose cryptocurrency.
"To advocate for crypto is to advocate for money to be subject to open competition, like any other important good or service in a market economy," Vorhees said. "The money monopolists (central banks and governments) will oppose this change, softly & curiously at first, and then with a vengeance."
To advocate for crypto is to advocate for money to be subject to open competition, like any other important good or service in a market economy. The money monopolists (central banks and governments) will oppose this change, softly & curiously at first, and then with a vengeance.
— Erik Voorhees (@ErikVoorhees) May 12, 2019
It is safe to assume that the tweet was sparked by the comments made earlier this month from U.S. Congressman Brad Sherman who called for a cryptocurrency ban during a Financial Services Committee meeting.
Sherman would tie cryptocurrency with the Palestinian Sunni-Islamist group Hamas and illegal activity before calling on his colleges to join him in introducing a bill that would "outlaw" cryptocurrency purchases inside the United States.
Vengeance From The Monopolists
Congressman Sherman's call for a ban coincided with his admission that cryptocurrency is a direct threat to the United States dollar hegemony over international finance."
An awful lot of our international power comes from the fact that dollar's the standard unit of international finance and transaction," Sherman pointed out. "Clearing through the New York Fed is critical for major oil and other transactions."The congressman would go:
"It is the announced purpose of the supporters of cryptocurrency to take that power away from us ... to put us in a position where the most significant sanctions we have on Iran, for example, would become irrelevant."
While the realm of cryptocurrency is full of opinion and differences in philosophy, the reasons for supporting peer-to-peer, decentralized value transfer systems varies amongst many.
Vorhee's declaration that "to advocate for crypto is to advocate for money to be subject to open competition, like any other important good or service in a market economy," doesn't sound much like the description Sherman gave for crypto supporters.
Sherman, who receives most of his campaign finance contributions from banks and others in the financial services industry, has taken one of the most vengeance seeking steps towards stifling the innovation and great technological potential on cryptocurrency with this recent call for a ban.
