It seems that there are some individuals against Bitcoin and cryptocurrencies that have been paid by direct competitors from virtual currencies. The U.S. Representative Brad Sherman explained his position on cryptos saying that he is not a fan of them and that they are ‘a crock.’
US Representative Paid by Credit Card Processing Company
Mr. Sherman told the Financial Services Committee that he wanted to prohibit Americans from buying virtual currencies. The same he said about mining activities in the country. But the interesting thing behind this Representative is that he has a credit card processing company as the largest donor of his campaign.
Credit Union National Assn is one of the biggest credit union lobby in the country. Indeed, most of its interests are aligned with commercial banking, and traditional financial institutions. Credit Union National Assn donated $20k dollars this cycle.
According to a medium post uploaded by John Galt, other companies like Garghwal, Chan & Williams, Capital Group Company and Allied Wallet are also providing financial support to Sherman.
Garhwal, Chan & Williams provide wealth management services to high net-worth clients including individuals, families and more. The company seems also to be threatened by virtual currencies and their success. This enterprise donated $15.4k dollars.
Capital Group Company’s website reads as follows:
“We serve individual investors, financial intermediaries and institutions around the world through a broad range of products and services that include American Funds, one of the largest mutual fund families in the U.S. by assets under management.”
Capital Group Company has already donated almost $13k dollars to Sherman.
At the same time, Allied Wallet, a provider of e-commerce merchant services, has donated $12.5k dollars during this cycle. This is a company that has 88 million customers in 196 different countries and works with 50 different currencies.
Moreover, TheCryptoDog actually found out an interesting about Mr. Brad Sherman
.@BradSherman was so concerned about $crypto users using #cryptocurrency for deceptive and illegal financial activity, yet his top campaign donation came from a company that had to forfeit $13.3 million to the US Government for facilitating illegal gambling. pic.twitter.com/mLn0WHU6jR
— The Crypto Dog📈 (@TheCryptoDog) July 18, 2018
It is clear that Brad Sherman has been working against virtual currencies and these new technologies because there are important traditional financial institutions financing him. It is very important to know who is behind each of the figures that complain about cryptocurrencies and which are the interest behind each of those.
Image Courtesy of Los Angeles Times and Avrot