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Congressman who suggested Bitcoin [BTC] ban accused of conflict of interest

Anirudh VK

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Congressman who suggested Bitcoin [BTC] ban accused of conflict of interest
Source: Unsplash

News emerged earlier today that Bitcoin [BTC] non-believer US Congressman Brad Sherman might have a conflict of interest in his agendas. The politician is facing flak over the past behavior of his biggest contributors.

Sherman, in the Congress hearing, called for a ban concerning the trading and buying of cryptocurrencies, stating that they are used to facilitate illegal behaviors. However, it is interesting to note that one of the biggest contributors to Sherman’s campaign was Allied Wallet.

Allied Wallet provides online payment processing services and e-commerce merchant services, along with enabling the acceptance of online payment methods in existing websites. They have contributed $12,500 for Sherman’s 2017 campaign, making them the biggest contributor.

However, it is interesting to note that Allied Wallet has had a past run-in with the United States Justice Department. This is regarding allegations that the provider facilitated illegal gambling at offshore websites, which was picked up by the watchdog. This then resulted in them forfeiting a sum of $13.3 million to the Federal Bureau of Investigation.

The funds processed by the company were reportedly proceeds of an illegal gambling business, with the deposits occurring between January 2009 and May 2009. These funds were then traced to PokerStars and other offshore online gambling companies. The civil complaint regarding the case stated:



“[The funds included] proceeds of the illegal transmission of gambling information and operating an illegal gambling business.”

Interestingly, the US Congressman stated in his speech at the Congressional Hearing today that:

“Cryptocurrencies offer unparalleled advantages to the nations that the U.S Government sanctioned for their terrorist activities, tax evaders and to criminals.”

This may represent a conflict of interest between the politician and the ideologies, or rather the companies, that he represents. Moreover, when this connection was discovered by TheCryptoDog on Twitter, Sherman directly messaged the influencer, with the message asking him to “STOP.”. It is left to see how the situation develops regarding Sherman.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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