Written by 10:17 am Cryptocurrency

US Congressman Brad Sherman on how a cryptocurrency ban won’t have any effects

Through an interview, Brad Sherman, congressman, United States, and a cryptocurrency skeptic has made the claim that cryptocurrency ban can’t be considered as an option currently, as reported by Cointelegraph.

On the basis of information by Cointelegraph, going by a statement to LA Times, the Northridge-area democrat said that the cryptocurrency sector has become developed over the years, adding that the high capital donations to the politicians and cryptocurrency lobbying can’t make it possible for them to impose a blanket ban.

“We didn’t ban it at the beginning because we didn’t realise it was important, and we didn’t ban it now because there’s money and power behind it,” Sherman explained. 

According to Cointelegraph, the democratic representative has been known for his reputation for a demanding a cryptocurrency ban since 2019. Around three years later, Sherman has changed his stance about a ban and now advocates for cryptocurrency market-based regulations. The US Congressman has expressed concerns around small and retail investors who are victimised due to scams, but accepted that judiciary’s efforts to protect investors won’t matter until they keep investing in cryptocurrencies such as meme coins. “It is hard to be running the subcommittee dedicated to investor protection in a country in which people want to wager on [meme coins],” Sherman added. 

Moreover, Cointelegraph noted that Sherman wanted cryptocurrency to be brought under the jurisdiction of the Securities and Exchange Commission (SEC), which he had criticised in July for not going after certain cryptocurrency exchanges. US lawmakers have asked for US regulatory bodies to bring the cryptocurrency market under law. However, opinions have differed regarding how cryptocurrency markets should be regulated. Lawmakers, including Sherman, have been in support of regulatory policies for cryptocurrencies to break decentralisation norms. On the other hand, US lawmakers such as Hester Peirce and Cynthia Lummis have been advocating for pro-cryptocurrency regulations for a period of time.  

(With insights from Cointelegraph)

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