Log in

News

Rep. Brad Sherman claims crypto leads people to Medicaid in committee debate

Updated: Aug 26, 2024
Published: Jul 1, 2021
0
Share:

The risks posed by cryptocurrencies have long been a hot topic of debate, as seen yet again during the United States House Committee’s latest hearing.

Post Feature Image

Committee members discussed the perceived risks for cryptocurrencies

A group of expert witnesses and members of Congress talked about the risks and rewards osf cryptocurrency investments yesterday. Some members talked about the risks involved in crypto investments, while others highlighted the benefits.

The hearing, held by the subcommittee on oversight and investigations, invited crypto and financial experts to testify on the risks and opportunities present in the market.

Rep. Brad Sherman, a long-standing critic has his say too. He said that cryptocurrencies are highly volatile, with only a few making money from the market: “Cryptocurrencies are highly volatile, so if one person makes a million dollars and retires at age 45, and nine lose $100,000 – Coinbase makes money, and one millionaire goes on TV and says how wonderful it is, and nine others do not retire with dignity, but instead become eligible for Medicaid.”

The Congressman added that he perceives cryptocurrency investment to be a bet. If people prefer to take risks and bet, Sherman said they should do so by investing in the stock market as that would help build American companies.

Cryptocurrencies offer excellent benefits to investors and innovators

Some of the committee members are in support of cryptocurrency investments. Rep. Tom Emmer said he is concerned that regulatory interference is making it tough for Americans to benefit from the opportunities in cryptocurrency entrepreneurship.

He said, “Over the last few years, I’ve been fortunate to meet with many great crypto and blockchain innovators. A common refrain during our discussion is that they so badly want to develop their crypto and blockchain ideas right here in the United States. But they don’t because of continuing uncertainty with crypto regulation.”

Some countries, such as the UK, have started taking an active approach towards regulating cryptocurrency activities. It would be interesting to see how the US approaches crypto regulation in the coming months and years.

100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
x402: The Future of Micropayments on the Internet
PRO
Research Report
x402: The Future of Micropayments o...For nearly three decades, the internet has run on ads, not payments. Every time we read an article, ...
11 min read
Nov 8, 2025
Market Update: Supreme Court Tariff Decision Could Reshape 2026
PRO
Market Updates
Market Update: Supreme Court Tariff...We’re entering one of those rare windows where politics, macro, and crypto collide. It’s not just ab...
8 min read
Nov 7, 2025
Market Direction: At $100k - Your 7-Day Action Plan
PRO
Market Direction
Market Direction: At $100k - Your 7...Markets hit major support zones with BTC at the $100k level. Key altcoins face rejection; reversal o...
11 min read
Nov 7, 2025