President-elect Donald Trump has emerged as the top advocate of digital assets and the need to enable crypto innovation. This contrasts with the outgoing President Joe Biden, whose administration sought to crush digital asset innovation at every opportunity.
Today, during a House Financial Services Committee hearing, crypto critic Representative Brad Sherman took the opportunity to slam Trump by contrasting statements on Twitter from 2019 with his position today in 2024.
Sherman, a Democrat and longtime crypto opponent who has consistently criticized the technology during Committee hearings, shared copies of Trump stating that unregulated crypto assets can facilitate unlawful behavior, including drug trade and other activity.” At that time, Trump said he was NOT a fan of Bitcoin and crypto.
Sherman added a second Tweet by Trump that says there is only one real currency, the US dollar, echoing some of Sherman’s sentiments.
Sherman then displays a statement on X (Formerly Twitter) from last month where the incoming President touts the importance of keeping the US Dollar as the one and only reserve currency.
While there may be some irony in these statements, Trump and others have come around to the potential of digital assets as well as the need for regulated stablecoins that do not pose any systemic risk. Sherman, on the other hand, is pretty entrenched in his belief that all crypto is bad – pretty much without exception.
