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US Lawmaker: Crypto backed by too much money and power to ban it

US lawmaker Brad Sherman, in an interview with the Los Angeles Times, discussed cryptocurrencies and their regulation on September 4. He stated cryptocurrencies will not be banned in the United States “anytime soon.” He went on to say:

“Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto.” 

Sherman acknowledged that he is helpless to stop investors from recklessly spending their money. He stated:

“Cryptocurrency is a meme you invest in, in the hopes that you can sell it to somebody else before it tanks. That’s the nice thing about a Ponzi scheme. “

Sherman then spoke about how to regulate cryptocurrency in the absent of a ban. He makes the case that, given the Securities and Exchange Commission’s (SEC) scale, experience, and strong enforcement tactics, that regulator ought to keep an eye on the cryptocurrency market, treating it like a stock or security.

“It’s difficult to chair the subcommittee on investor protection in a country where people want to bet on meme coins,” he added.

The lawmaker from California is concerned about criminals exploiting cryptocurrencies. According to the report, he has consistently asserted that cryptocurrency supports terrorism and other bad operations. 

Democratic Maxine Waters on Investor Protection, the chairperson of the House Financial Services Subcommittee, claims that the US government did not outlaw cryptocurrencies when it was first introduced because it was viewed as insignificant. However, the sector is now backed by far too much money and lobbying. As a result, a cryptocurrency ban is unlikely in the near future.

Read more at Cryptoshrypto:

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