Bitcoin is a 'Crock' Politician Received Largest Donation from Company at Crypto Disruption Risk

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The most virulently anti-Bitcoin congressman at this week's House Capital Markets, Securities, and Investment Subcommittee hearing on cryptocurrencies and first coin offerings (ICOs) obtained his largest campaign donations from industries threatened by widespread cryptocurrency adoption.

This data was first discovered by a Reddit user, who decided to look into Sherman's donation history in reaction to his uniquely-arrogant opinion on the value of cryptocurrencies and their underlying technology.

As CCN reported, Sherman repeatedly harped on Bitcoin's alleged associations with terrorism and other illicit activities, quipping that «maybe we will have another hearing following a major terrorist event» is financed using cryptocurrency.

Sherman also said that this branch of biotech is only «popular with men who wish to sit in their pajamas and tell their wives they are going to be millionaires.»

According to the Center for Responsible Politics, Sherman received $12,500 from people associated with Allied Wallet, an e-commerce payment processor headquartered in Los Angeles.

While that may not seem like much, it represents the largest contribution the congressman received from any single company during the current financial year — a company which, coincidentally, stands to experience significant disruption if cryptocurrency becomes a mainstream payment instrument.

Also, the securities and investment industry contributed more money to Sherman — $56,700 — than any other economic sector, and there is little doubt that this sector would prefer that the government take a hostile stance on the nascent ICO fundraising version.

Incidentally, Allied Wallet was forced in 2010 to forfeit $13.3 million to settle Justice Department allegations that it had processed payments connected to illegal offshore gambling websites.

Maybe someone should bring this to Rep. Sherman's attention; certainly, given his concerns about cryptocurrency's relationships with illicit activities, he would similarly be quick to return Allied's contributions and reject contributions from the company moving forward.