Aarika Rhodes, the Democratic candidate for California’s 30th Congressional District, recently expressed her support for Bitcoin, the most prominent cryptocurrency. She tweeted that
I do not support the ban on bitcoin, & believe people should be able to invest their money in whatever way they see fit. I am PRO financial literacy taught in high school & people being aware of the environmental impact.
Her tweet was a response to Dennis Porter, Bitcoin supporter and Youtuber, who asked her “I see you’re trying to primary Brad Sherman, What is your stance on bitcoin? I ask because Sherman recently called for a ban on bitcoin and said he’d rather buy California Lotto Tickets” than own any bitcoin.”
Brad Sherman, United States Representative, recently highlighted threats posed to Americans and the U.S. financial system by cryptocurrencies. Sherman urged investors to put their money into the stock market, which will assist grow American businesses, or even the lottery, rather than Bitcoin.
Sherman is no stranger to attacks on digital currency. He has been a vocal opponent of digital currencies for many years. In 2019, he advocated for America to prohibit Bitcoin because it was a danger to the U.S currency. He also referred to Bitcoin as a currency for criminals, specifically drug dealers, terrorists, and tax evaders.
In response to Sherman’s claim about Bitcoin, Galaxy Digital CEO, Mike Novogratz stated that there is a lot of work to be done in terms of educating politicians and regulators about Cryptocurrency, only by doing so it would be possible to properly regulate the market.
Aarika Rhodes is not the only democratic candidate who favors Bitcoin, Shervin Aazami, her opponent is also a Bitcoin supporter, who vocally contradicted Sherman’s statement by stating
I absolutely do NOT support a ban on Bitcoin or blockchain technology. Blockchain has incredible potential in both education and healthcare. It’s ludicrous and asinine that Brad Sherman supports a ban. But that’s just another policy he is completely out of touch with.
Aazami believes that people need more financial independence from Wall Street banks that are “too big to fail” and promote peer-to-peer accessibility. California enacted a bill regulating the crypto and blockchain industry, although it is not overly restrictive. California was one of the first states to enact cryptocurrency legislation in 2014.
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