Ron Paul claps back at anti-crypto congressman

Former U.S. Congressman and Republican presidential candidate Ron Paul joined Consensus 2019 in New York City today, where the libertarian discussed his belief that the federal government should keep its hands off cryptocurrency.

He dismissed a move by U.S. Rep. Brad Sherman (D-Calif.) to ban crypto purchases, calling the congressman, “just another thug in Washington," adding "people like him are driven by power." Sherman’s call for the ban came during a May 9 House Financial Services Committee meeting.

At Consensus, Paul said crypto is challenging the United States’ traditional monetary system, which contributes to the increased attention from regulators and lawmakers. He called the current monetary system "out of control," and pointed to crypto as a possible prevention method since, for him, it is important that people can develop and utilize alternatives.

If he were running for president, Paul said his crypto-policy would have little government interference. He said he would decentralize regulation, limiting agency control over U.S. startups.