Mongoose Coin Becomes a Strange Reality in the Wake of Congressional Crypto Hearing

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Sometimes, comedy simply writes itself. A new crypto is popping up today in rapid response to an offhand comment. However, unlike the usual token spawned by the word of Elon Musk, this crypto will be forever recorded in the annals of history. Mongoose Coin (CCC:MONG-USD), among many others, are popping up left and right in response to the U.S. Congressional crypto hearing.

A golden mongoose sits on a rock.
Source: Shutterstock

Cryptocurrency is a touchy subject on Capitol Hill, especially right now. Lawmakers are taking notice of just how volatile the asset class is, and how single individuals might be able to manipulate prices — whether purposeful or inadvertent. Even without this volatility, there are still arguments over the anonymity of crypto and how it could potentially be used to launder money or commit fraud. Others argue that privacy is an inherent right for Americans, and crypto exemplifies that right.

Whatever the case is, and wherever one stands on these issues, we are likely to see some form of crypto regulation, and soon. Congress is convening this week to talk all things digital currency. Wednesday saw the first of these meetings; as a still very new and highly-technical industry, this meeting was a crash course of sorts.

Indeed, many Congressmen simply don’t know enough about cryptocurrency yet. This meeting saw six crypto executives join the lawmakers to talk about the potential rewards and dangers that come with investing in it. The executives also answered a flurry of questions from representatives. It is this dialogue that prompted one of the oddest cryptocurrencies of the week to be created.

Mongoose Coin Comes Into the Investing Fold Thanks to Brad Sherman

Representative Brad Sherman spoke up on Wednesday about cryptocurrency. Sherman is very vocal about his desire to regulate digital currency; in fact, he has said Meta Platforms’ (NASDAQ:FB) Libra crypto would have a worse impact on America than the 9/11 terrorist attacks. These past claims might sound totally ridiculous and even offensive to crypto bulls. But, his comments this week on “Mongoose Coin” have been fodder for a laugh.

When Sherman decided to clutch the microphone at Wednesday’s hearings, he took aim at the executives who came to speak; indeed, with their vested interest in crypto and lobbying power, he’s right to be skeptical of their motives. He took aim at cryptocurrency’s “stick it to the man” ethos as well, calling it “not new.”

But when Sherman got to making fun of cryptocurrencies’ names and the frequency at which new tokens pop up, he inadvertently said something quite hilarious:

“The number one threat to cryptocurrency is crypto. Bitcoin could be displaced by Ether, which could be displaced by Doge which could be displaced by HamsterCoin and then there’s CobraCoin what could MongooseCoin do to CryptoCoin?”

Sherman is criticizing the cannibalistic nature of the industry and the somewhat silly names cryptos can adopt. What he was likely not intending to do was to spur the very cycle that he was criticizing. Indeed, since Sherman’s comments on Wednesday, there are now many different “Mongoose Coin” projects cropping up.

One project, MONG, is taking the tagline “welcome to Mongress”; this token already has a Telegram community of nearly 1,000 users. Meanwhile, a Reddit-born MONGOOSE token is seeing a whopping $116,000 in trading volume in the last 24 hours. Its market capitalization has surged to $63,000 in two days.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.


Article printed from InvestorPlace Media, https://investorplace.com/2021/12/mongoose-coin-becomes-a-strange-reality-in-the-wake-of-congressional-crypto-hearing/.

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