Crypto Ban Will Not Work Anytime Soon, Says California Lawmaker

September 5, 2022

Reading Time: 2 minutes

Despite being an anti-crypto lawmaker, Brad Sherman, a California congressman, in a recent interview expressed his opinion regarding the crypto ban, which according to him, will not happen “anytime soon.”

Sherman who has always been a crypto critic over time in an interview with the LA Times reported on Sept. 4, cited some reasons why the ban on digital currencies will not be happening soon.

“I don’t think we’re going to get [to a ban] anytime soon. Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto.” said Sherman.

“[Congress] 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,” he added.

The California congressman also opined that cryptocurrency is a “systemic threat” to the US economy as it could affect the dominance of dollars as well as national security.

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US Congress On Cryptocurrency

The US congress is currently divided on their opinions regarding cryptocurrency, although many of the congressmen through legislation and regulation are prioritizing investors’ interests.

For instance, following the US Treasury Department sanction on Tornado Cash, one of the members of Congress Tom Emmer noted that congress should identify what aspect of the crypto and blockchain technology should be sanctioned.

The US Congress in recent times has been drawing its attention to regulating cryptocurrency more than ever before, from January to March this year, more than 80 crypto bills have been introduced.

The bills focus on six different categories, namely Central Bank Digital Currency (CBDC), crypto clarity on the regulatory treatment of digital assets, sanctions, ransomware, and implications of either China or Russia’s use of crypto.

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