A House Financial Services subcommittee met Wednesday in what was supposed to be an overview of the cryptocurrency landscape. The two-hour hearing raised more questions than answers, and shined a light on some Congress members' deep skepticism around digital currency.

"Cryptocurrencies are a crock," Rep. Brad Sherman (D-Calif.) said to kick off his opening remarks. "They allow a few dozen men in my district to sit in their pajamas all day and tell their wives they're going to be millionaires."

Sherman had a litany of concerns. Bitcoin has the ability to help terrorists, criminals, tax evaders and start-up companies looking to commit fraud, he said, adding that bitcoin undercuts the U.S. dollar as a source of the Fed's $50 billion revenue.

The committee was called to discuss initial coin offerings, or ICOs, which are used by companies to raise capital for businesses and products. There have been $2.6 billion ICOs so far this year, according to the latest research from Autonomous Next.

https://www.cnbc.com/2018/03/14/congressional-hearing-devolves-into-bitcoin-bash-fest.html