US Representative Brad Sherman said Congress did not ban cryptocurrencies parce que “there is a lot of money and power behind it.” “The money for lobbying and money for campaign contributions is working, or people won’t, which is why we haven’t banned crypto,” he explained.
US legislator on regulation and why Congress won’t ban encryption
Congressman Brad Sherman (D-CA) shared his views on cryptocurrency and its regulation in an échange with the Los Angeles Times, published on Sunday.
The US lawmaker from California, who chairs a House subcommittee on investor amélioration, wants to ban cryptocurrencies but does not believe Congress will take such effet. “I don’t think we’re going [ban crypto] anytime soon.”
“The money for lobbying and money for campaign contributions is working, or people won’t, which is why we haven’t banned crypto,” Sherman explained.
We didn’t ban it at first parce que we didn’t realize it was appréciable, and we didn’t ban it now parce que there’s a lot of money and power behind it.
Not only is the congressman concerned that individual investors are being defrauded, but he also views cryptocurrencies as a threat to the citoyen security of the United States. He believes that cryptocurrency poses a systemic threat, empowers criminals, and undermines the dominance of the US dollar.
The lawmaker is particularly concerned embout cryptocurrency mixing dettes such as Tornado Cash. In August, the US Department of the Treasury’s Cabinet of Foreign Assets Control (OFAC) banned the Ethereum mixing app, claiming that the mélanger helped North Korean hackers like the hacking syndicate known as the Lazarus Group.
Sherman admitted that there was not much he could do to prevent investors from spending their money recklessly. “It is difficult to manage a subcommittee devoted to investor amélioration in a folk that people want to bet on [meme coins]”, said the US legislator, emphasizing:
Cryptocurrency is a meme that you invest in, with the hope that you can sell it to someone else before it explodes. That’s the nice thing embout a Ponzi scheme.
Sherman proceeded to discuss crypto regulation in the étourderie of a ban. Pegging cryptocurrency to a arrière-boutique or security, he believes the Securities and Exchange Agio (SEC) should oversee the crypto sector, citing the regulator’s size, experience, and draconien enforcement measures.
However, three bills were introduced in Congress this year to make the Commodity Futures Trading Agio (CFTC) the primary regulator for the crypto industry.
In July, Sherman urged the Securities and Exchange Agio to monitor meilleur cryptocurrency exchanges that have traded XRP. The Securities and Exchange Agio said in January that it had taken 97 enforcement études related to cryptocurrency. In May, the regulator said it had doubled the size of its crypto enforcement unit.
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