US Congressman Explains Why The Order Doesn't Have A Cryptocurrency Ban

Sherman said any task force or committee set up to help and protect investors will not work as long as gullible investors continue to invest in memecoins.

In a recent interview, US congressman and a well-known crypto skeptic Brad Sherman has stated that banning cryptocurrencies is not an option at this time.
In a statement to the LA Times, the Northridge Area Democrat said that the crypto industry has become quite robust over the years. He added that high capital donations to politicians and strong crypto lobbying make it impossible for them to impose a full-blown ban. "We didn't ban it in the first place because we didn't realize it was important and we don't ban it now because there's so much money and power behind it," he explains.

Representative Democracy is a well-known skeptic who has been asking for a crypto ban since 2019. Nearly three years later, Sherman has changed his stance on the ban and now advocates. support the regulation of the cryptocurrency market.

The US congressman is particularly worried about small and retail investors, who often fall prey to gullible scams but acknowledges that any attempt by the judiciary to protect investors investment will not work until they continue to invest in cryptocurrencies like memecoins. “It’s hard to run a subcommittee dedicated to protecting investors in a country where people want to bet on [memecoins],” he said.

Sherman advocates for cryptocurrencies to be placed under the jurisdiction of the Securities and Exchange Commission (SEC). The same committee he criticized in July earlier this year for not going after the big fish crypto exchanges.

U.S. lawmakers have long demanded that regulators in the United States bring the nascent crypto market into the spotlight of legislation. However, there has been a huge difference in opinion on how the cryptocurrency market should be regulated. The majority of lawmakers, including Sherman, support strict regulatory policies that crypto advocates believe would violate decentralization. The Tornado Cash ban is one of the examples advocated by the likes of Sherman. On the other hand, US lawmakers like Hester Peirce and Cynthia Lummis have been fighting hard for pro-crypto regulations for a long time.

Sep 05, 2022