By CentBit.Online – Crypto & Blockchain Expert, Bangladesh
As the U.S. House of Representatives advances the Crypto Genius Act, a prominent critic of digital assets, Congressman Brad Sherman (D‑CA), has spoken out forcefully against the legislation — calling it “an attack on working families”.
Sherman, a longtime opponent of cryptocurrencies, warned that the bill prioritizes tech elites and wealthy investors while exposing average Americans to financial risk and volatility.
Sherman’s Strong Words
“This bill is not about genius or innovation,” said Sherman in a heated floor speech.
“It’s a shield for billionaires to escape oversight and dump worthless digital tokens on working-class Americans. This is not regulation — it’s deregulation disguised as progress.”
Sherman accused the bill’s sponsors of writing policy in the interest of crypto lobbyists and Silicon Valley investors rather than everyday citizens.
What the Crypto Genius Act Proposes
The Crypto Genius Act, recently advanced by the House, is designed to:
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Encourage blockchain and crypto innovation
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Offer legal clarity and safe harbor for developers
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Provide tax incentives for digital asset startups
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Create federal sandboxes for crypto testing
Supporters say the bill could unlock a new wave of economic growth, financial inclusion, and technological leadership.
Industry Pushback to Sherman
Crypto advocates were quick to respond to Sherman’s remarks:
“Innovation is not the enemy of working families — inflation, surveillance, and broken legacy systems are,” said a spokesperson from the Blockchain Innovation Alliance.
They argue that crypto tools, including stablecoins and Bitcoin, provide alternatives to devalued fiat currencies, especially in underserved communities globally — including parts of South Asia.
Why This Matters to Bangladesh
Sherman’s remarks and the surrounding debate reflect the ongoing tension between traditional financial oversight and decentralized finance. For Bangladesh, where millions rely on cross-border remittances, the potential of crypto and blockchain to reduce costs and increase transparency is significant.
Bangladesh must now monitor how global regulations evolve — especially as influential lawmakers in the U.S. take opposing sides on crypto innovation.
Final Thought
Congressman Sherman’s statement is a reminder that crypto remains politically divisive. Whether seen as a force for democratized finance or an unregulated threat, the path ahead will be shaped by both passionate supporters and vocal critics.
Stay with CentBit.Online for all the latest global crypto news and expert commentary from a Bangladeshi perspective.
