Modulus CEO Richard Gardner’s statement on Brad Sherman and #UnseatSherman2018

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Since Congressman Brad Sherman (D-CA) took another opportunity to go after cryptocurrencies, calling for an outright ban of buying or mining cryptocurrencies, the community has shown they mean business — many have called for his removal, promoting #UnseatSherman2018. It doesn’t help that the congressman’s donor base hails from a credit card processing company, leaving some suggesting there is a conflict of interest.

However, while Sherman is on the ballot this year, the election is already set. California, his home state, uses a top-two primary system, where all the candidates are placed on the ballot, and the top two candidates, regardless of party, go on to square off on Election Day. Brad Sherman has an opponent, Republican Mark Reed. But, the district is rated as a Safe Democratic hold. In 2016, Hillary Clinton defeated Donald Trump in the district 69-26%. In order to draft a credible challenge, the opponent would almost certainly need to be a registered Democrat. For that, the community would need to wait until the 2020 election, and they would need to begin drafting a candidate for such a prospect nearly immediately.

Even still, it would be a hoist. According to his latest campaign filing, Sherman currently has $1.9MM in the bank. He has been in congress since 1997. To draft a credible candidate, those leading the charge for his ouster would need to promise well over a million dollars, probably much more. As for this year, Sherman’s current opponent, Mark Reed, ran the race against him in 2016 and lost 73-27%. He lost 65.5-34.5% in 2014. And, in 2017, when Reed ran for Los Angeles City Council in District 7, he didn’t make it out of the top-two primary. In fact, he finished in twelfth place with just over 1% of the vote. No, that’s not a typo. 1.26%.

Sherman will glide to re-election. A more prudent cause would be for promoters of the cause to take a gander at the bipartisan blockchain caucus. Some of the members of the blockchain caucus do face credible challenges. For example, embattled freshman congressman Greg Gianforte faces a tough re-election campaign. Currently, he lags behind his opponent in the polls. Those part of the blockchain caucus are already friends of the industry. Instead of attempting to influence an unwinnable race, those looking to make a difference politically should spend their resources wisely rather in a reactionary fashion.

~Richard Gardner

CEO, Modulus Global

About Modulus:

Since 1997, Modulus has provided advanced financial technology products and services to professional traders, brokerages, trading firms, and educational, governmental, and non-profit institutions throughout 94 countries. The company’s products and services reach millions of users around the world.