US Congressional Representative Brad Sherman (D- CA) <a href="https://www.youtube.com/watch?v=bn4uIEE62rg&amp;t=5s" target="_blank" rel="nofollow noopener">described</a> cryptocurrencies as "highly volatile" during a hearing conducted by the House Financial Services Oversight Subcommittee on June 30. 
<h2>A US Congressional Representative Claims “Cryptocurrencies Are Highly Volatile”</h2>
“Bitcoin and other cryptocurrencies are highly volatile. So, if one person earns $1 million and retires at 49, and nine others lose $100,000, Coinbase profits. The billionaire goes on TV and brags about how fantastic it is, while the nine others do not retire in dignity but become Medicaid eligible... I'm hoping we can have it shut down.”

[embed]http://twitter.com/BradSherman/status/1410317597111984128[/embed]

Sherman believes he would prefer people wager on the stock market or the California lottery.

He argues cryptocurrencies are mainly useful for skirting Know Your Customer (KYC) rules and avoiding taxes, and that they should be banned:

“Cryptocurrencies are politically supported by patriotic anarchists who advocate tax evasion. I'm hoping we can agree.”
<h2>Courts Should Rescind Cryptocurrency Transactions: Brad Sherman</h2>
Al Green (D-TX) raised concerns about the <a href="https://www.cryptoknowmics.com/news/survey-reveals-investors-paying-attention-to-elon-musk-talking-about-the-carbon-footprint-of-bitcoin/">hazards that cryptocurrencies</a> represent to people and the larger financial system in his opening remarks.

Meanwhile, Rep. Tom Emmer (R-MN) believes that cryptocurrency allows people to access easy banking services:

Technology lowers the obstacles to entry into the traditional financial system and provides all consumers, regardless of location, with accessible financial services at low competitive rates, and cryptocurrency is no exception.
<h2>In A Hearing, House Committee Examines Cryptocurrency’s Risk</h2>
Another senior member of the committee, Rep. Tom Emmer (R-MN), was more worried that <a href="https://www.cryptoknowmics.com/news/retail-interest-will-push-regulators-towards-proactive-crypto-regulation-etoro/">regulatory intervention</a> was stopping Americans from fully benefiting from crypto entrepreneurship:

“Over the last several years, I've had the privilege of meeting with many outstanding crypto and blockchain entrepreneurs. During our conversation, they repeatedly expressed their desire to develop their crypto and blockchain concepts right here in the United States. But they don't because of the ongoing ambiguity around cryptocurrency regulation.”

Some politicians and authorities are concerned that there will be a repeat of the run-up to the 2008 financial crisis. Lawmakers are scrambling to grasp new technology and the industries that are developing them. They are also attempting to reduce the risks associated with trading them as securities.

“Cryptocurrencies Are Highly Volatile”, Says US Congressional Representative

During a hearing of the House Financial Services Oversight Subcommittee on June 30, Rep. Brad Sherman said cryptocurrencies are highly volatile.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

“Cryptocurrencies Are Highly Volatile”, Says US Congressional Representative

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