Brad Sherman’s Sarcastic Support for New Crypto Coins Sparks Debate

During a recent U.S. House Committee on Financial Services hearing, Democratic Congressman Brad Sherman made headlines with a seemingly pro-crypto comment—claiming he supports "new coins" entering the market. However, his support is rooted in a belief that the flood of altcoins will ultimately destroy the crypto industry.

Sherman stated, “There’s really a battle that hasn’t quite broken out yet between the old coins and the new coins,” suggesting the proliferation of altcoins like HamsterCoin, Cobracoin, and Mongoosecoin—some of which were ironically inspired by his criticism—will lead to crypto’s downfall.

Known as one of crypto’s most vocal critics in Congress, the 70-year-old California lawmaker has long warned against digital assets. He’s previously called for a complete ban on Bitcoin, citing its use in illicit activities and arguing that its scarcity is a myth due to the nonstop creation of new tokens. Sherman’s skepticism mirrors that of gold advocate Peter Schiff, who often disputes Bitcoin’s value and uniqueness.

In 2022, Sherman also targeted Ripple, labeling XRP as an unregistered security—adding to his extensive list of criticisms against the sector. His recent remarks, though sarcastic in tone, underline a broader concern among crypto skeptics: that unchecked token creation dilutes value and undermines trust in the ecosystem.

As debates around Bitcoin ETFs, altcoin surges, and regulatory clarity continue, Sherman’s commentary adds fuel to the fire—highlighting the ongoing tension between innovation and regulation in the digital asset space.

Crypto market watchers remain divided—some dismiss Sherman’s views as outdated, while others see his warnings as increasingly relevant in today’s oversaturated token landscape.