Why is Sherman so firmly anti-crypto? One thing crypto has taught me is that everybody’s a shill. Whether on Twitter, YouTube or an internationally broadcast congressional hearing, beneath just about every public statement lies motive for making said statement. More often than not that motive is money.

Since Sherman hasn’t given us any convincing reasons for his hard criticism of crypto, let’s take a look at his campaign finance history and see if we can connect the dots.

Now in his tenth term in Congress, according to opensecrets.org, all-told Sherman has received a little over $17 million in donations. Not too shabby. Make no mistake though — he didn’t sit in his pajamas on the couch telling his wife he’d be a bitcoin millionaire, lobbyists gave him $17 million fair and square.

So he’s done alright for himself, but who are these generous folks lining his pockets? Let’s look at the last couple years specifically to see if there could be a connection to his position on crypto.

Hmm. Top industries for donations to Sherman this election cycle include Securities & Investment, Real Estate, Credit Unions. Interesting. Let’s drill down a little more…

Rep Sherman’s top company/group contributors this election cycle are:

Credit Union National Assn is by far the biggest credit union lobby. Their interests generally align with commercial banking — home loans, investments, escrow. Much or everything they do could potentially be replaced by cryptocurrency and blockchain. $20k donation to Sherman so far this cycle.

Garhwal, Chan & Williams website says they provide “wealth management services to high net-worth clients including individuals, families, Indian tribes, and public and private pension and profit-sharing plans.” So again a company that’s directly threatened by the success of cryptocurrency & crypto assets. $15.4k donation to Sherman so far this cycle.

Capital Group Company website states “We serve individual investors, financial intermediaries and institutions around the world through a broad range of products and services that include American Funds, one of the largest mutual fund families in the U.S. by assets under management.” The financial establishment again. $12.9k donation to Sherman so far this cycle.

Allied Wallet is a provider of e-commerce merchant services and online payment processing services. As of 2013 Allied had 88 million customers in 196 countries and processed 50 currencies. Ironic side-note about Allied — In 2010, Allied Wallet agreed to forfeit $13.3 million to settle allegations by the US DoJ of involvement with illegal gambling at offshore websites. Seems like Sherman would NOT be a fan. $12.5k donation to Sherman so far this cycle.

OK — starting to sense a pattern here? All of Sherman’s top donors are directly threatened by crypto. They all belong to the first wave of businesses that crypto stands to disrupt, and possibly replace.