TL;DR: Welp. It’s over folks, go home. Turns out Nazis are using bitcoin. What were we thinking! Our moral betters, no less than lawmakers in the United States House of Representatives, paragons of virtue, revealed nefarious actors and actions are taking place with the aid of cryptocurrency. The ecosystem has taken notice and is calling out politicians for their never-ending bullsh*t hysteria.
Nazis Crypto Bullsh*t Hysteria Reaches Peak Nonsense
“Along with their impassioned use of Bitcoin,” ShapeShift CEO Erik Voorhees pointed out, Nazis “use toothbrushes, cell phones, pillows, and water. All such instruments of hate should be banned and vilified,” echoing CoinText CEO Vin Armani who also found grave fault with US lawmakers’ motivations.
“They’re lining this shit up,” Armani insisted. “I would not at all be surprised if 2020 we see an Oklahoma City or 9/11 that gets blamed on ‘nazis’/’white supremacists.'” Voorhees and Armani were responding to reports summarising a hearing before the House Committee on Financial Services Subcommittee on National Security, International Development, and Monetary Policy on January 15, 2020 in Washington, DC.
Titled, A Persistent and Evolving Threat: An Examination of the Financing of Domestic Terrorism and Extremism, the two-hour hearing featured testimony from the Honorable Jared Maples, Director, Office of Homeland Security and Preparedness, State of New Jersey; Rena Miller, Specialist in Financial Economics, Congressional Research Service; George Selim, Senior Vice President for Programs, Anti-Defamation League; Lecia Brooks, Chief Workplace Transformation Officer, Southern Poverty Law Center; and Mary B. McCord, Legal Director, Institute for Constitutional Advocacy and Protection, Georgetown Law.
Look at the Big Brain on Brad
Subcommittee member Brad Sherman from California, a long-time critic of cryptocurrencies who has called for their outright ban, piggybacked off of witnesses such as Maples, Selim, and Miller. Each held the “unique secrecy and security of bitcoin and other cryptocurrencies have led to their use by domestic terrorist groups like white supremacists,” according to a summary by PYMNTS, while Maples “said that it was likely that domestic terror groups would increasingly use the services of bitcoin and other similar currencies.”
It was around this juncture in the hearing both Miller and Selim attempted to predict that “with the rising prominence and awareness of cryptocurrency, it would be more often used by white supremacists and other such groups,” the summary explained. That was all Congressman Sherman needed, who reportedly stressed, “If it works for Hamas, it will work for the Nazis, too.”
Hysteria buttons were pushed: The Daily Stormer, Charlottesville, troll Andrew “weev” Auernheimer, Stormfront, David Duke, Richard Spencer and the Alt-Right, etc. The rest writes itself. And while legitimate concerns about so-called domestic terrorism with a racist tint no doubt perk up ears, attempting to continually link them to cryptocurrencies is by now a tradition for legacy finance defenders. Such a connection really does end all conversations of substance regarding peer-to-peer electronic cash. It’s a great way to distract from what cryptocurrency can represent. The good news is because approved pundits, law enforcement, and legislators have so overplayed their hands, more of the public pays less attention to their nonsense as a rule.
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DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.