Some time ago, the analysts giving their opinion on CNBC were required to disclose the conflict of interests, ownership of the stock, and the relation of their firm to the company they opine about.
Apparently, this is not the case for our legislators. Congressman Brad Sherman during the Wednesday hearing of a subcommittee for the House of Representatives Financial Services Committee suggested prohibiting US citizens from buying and mining cryptocurrencies. The California Democrat said that beyond cryptocurrencies being possibly used as a form of money soon, it can currently be utilized by tax evaders and countries trying to bypass U.S. sanctions. His largest donor is Allied Wallet – the company that will suffer a lot if the blockchain technology is implemented for financial transactions. No doubt Mr Sherman is very objective in expressing his opinions about the cryptocurrencies.
Many committee members expressed opposition to the idea of a central bank digital currency.
On a more positive note, Dr Eswar Prasad, senior professor of Trade Policy at Cornell University, contended that the existence of cryptocurrencies might have a positive impact on payments systems. Cryptocurrencies might "make transactions much easier ... and bring down the cost," but the advantages are limited now, according to Dr Eswar Prasad.