Too Much Power Behind Crypto to Ban It: US Lawmaker

• Brad Sherman, a congressman, discussed cryptocurrency and their regulation.
• He does not think crypto is going to be banned anytime soon.
• Crypto enthusiasts respond that the technology could be of help.

In an interview with the Los Angeles Times published on Sunday, Congressman Brad Sherman (D-CA) discussed his opinions on cryptocurrencies and their regulation.

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The Californian congressman who leads a House subcommittee on investor protection wants to make Bitcoin illegal, but he doesn’t think Congress will act that way. He told the news source, “I don’t think we’re going to (ban crypto) anytime soon.”

We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.

The US congressman

“We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.” The US congressman.

The roughly $2 trillion cryptocurrency market is now governed by a patchwork of state laws and federal authorities. There is, however, a growing movement in Congress to further regulation. But Sherman wants to do more than just regulate cryptocurrencies, he wants to make them illegal.

Sherman is concerned about individual investors being scammed, like the majority of crypto skeptics. Sherman is concerned that cryptocurrencies offer a greater systemic threat, aiding human rights violators and criminals while eroding the primacy of the US currency. 

Crypto enthusiasts respond that the same technology can assist people who are being persecuted in obtaining money from authoritarian nations. Earlier on, Sherman encouraged the SEC to pursue significant cryptocurrency exchanges that traded XRP in July. 

The securities regulator reported taking 97 enforcement proceedings relating to cryptocurrencies in January. The agency announced in May that it had almost doubled the size of its crypto enforcement unit.

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