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U.S. Congressman Brad Sherman has <a href="https://twitter.com/BradSherman/status/1720280500646891796" rel="noopener noreferrer nofollow">likened</a> the industry to a "Garden of snakes," suggesting that there is widespread fraud within the cryptocurrency space.&nbsp;
The incendiary comments followed the recent conviction of cryptocurrency exchange FTX founder Sam Bankman-Fried, on fraud charges.&nbsp;
Sherman's words are in line with his previously expressed skepticism toward cryptocurrencies.&nbsp;
<h2 id="bankman-fried-found-guilty-on-all-counts">Bankman-Fried found guilty on all counts</h2>
Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been found guilty on all seven criminal fraud counts brought against him. The dramatic end to a monthlong trial that captivated the financial world saw Bankman-Fried convicted of wire fraud, securities fraud, commodities fraud, and conspiracy to commit money laundering.&nbsp;
These charges stem from the collapse of FTX and its sister hedge fund, Alameda Research, last year.&nbsp;
Prosecutors painted <a href="https://u.today/heres-why-sam-bankman-frieds-leaked-chat-causes-concerns" rel="noopener noreferrer nofollow">Bankman-Fried</a> as a mastermind of one of the largest financial frauds in U.S. history.&nbsp;
Bankman-Fried is now facing up to 115 years in prison. His sentencing is <a href="https://twitter.com/AutismCapital/status/1720237286422712324" rel="noopener noreferrer nofollow">set for</a> March 28, 2024. &nbsp;
<h2 id="sherman-s-persistent-criticism-of-crypto">Sherman's persistent criticism of crypto</h2>
Congressman Sherman's disdain for the cryptocurrency sector is not new. In past statements, including a recent CNBC interview, he has voiced his hopes for the end of digital currencies. In June, he also <a href="https://u.today/xrp-ruling-irks-prominent-congressman" rel="noopener noreferrer nofollow">criticized</a> the verdict in the Ripple case.&nbsp;
Sherman's critique extends beyond the volatility and security issues often associated with cryptocurrencies. He has also repeatedly questioned their very utility and contribution to the economy.&nbsp;
The lawmaker has stated the use of cryptocurrencies primarily to evade government oversight and sanctions.&nbsp;

U.S. Congressman Labels Crypto Industry 'Garden of Snakes'

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