{"id":6905,"date":"2022-09-05T01:43:22","date_gmt":"2022-09-05T01:43:22","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=6905"},"modified":"2022-09-05T01:43:23","modified_gmt":"2022-09-05T01:43:23","slug":"us-lawmaker-says-too-much-money-and-power-behind-crypto-to-ban-it","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6905","title":{"rendered":"US Lawmaker Says &#8216;Too Much Money and Power&#8217; Behind Crypto to Ban It"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>U.S. Representative Brad Sherman says Congress has not banned crypto because \u201cthere\u2019s too much money and power behind it.\u201d He elaborated: \u201cMoney for lobbying and money for campaign contributions works, or people wouldn\u2019t do it, and that\u2019s why we haven\u2019t banned crypto.\u201d<\/strong><\/p>\n<h2>US Lawmaker on Regulation and Why Congress Won\u2019t Ban Crypto<\/h2>\n<p>Congressman Brad Sherman (D-CA) shared his views on cryptocurrency and its regulation in an interview with the Los Angeles Times, published Sunday.<\/p>\n<p>The U.S. lawmaker from California, who chairs a House subcommittee on investor protection, wants to outlaw cryptocurrency but does not believe Congress will take such action. \u201cI don\u2019t think we\u2019re going to [ban crypto] anytime soon,\u201d he told the news outlet.<\/p>\n<p>\u201cMoney for lobbying and money for campaign contributions works, or people wouldn\u2019t do it, and that\u2019s why we haven\u2019t banned crypto,\u201d Sherman explained, elaborating:<\/p>\n<p>We didn\u2019t ban it at the beginning because we didn\u2019t realize it was important, and we didn\u2019t ban it now because there\u2019s too much money and power behind it.<\/p>\n<p>Not only is the congressman concerned about individual investors being defrauded, but he also views cryptocurrency as a threat to the national security of the U.S. He believes crypto poses a systemic threat, enables criminals, and undermines the U.S. dollar\u2019s dominance.<\/p>\n<p>The lawmaker is particularly worried about crypto mixing services like Tornado Cash. In August, the U.S. Treasury Department\u2019s Office of Foreign Asset Control (OFAC) banned the Ethereum mixing application, claiming that the mixer has helped North Korean hackers such as the hacking syndicate known as Lazarus Group.<\/p>\n<p>Sherman admitted that there is little he can do to stop investors from spending their money recklessly. \u201cIt is hard to be running the subcommittee dedicated to investor protection in a country in which people want to wager on [meme coins],\u201d the U.S. lawmaker opined, asserting:<\/p>\n<p>Cryptocurrency is a meme you invest in, in the hopes that you can sell it to somebody else before it tanks. That\u2019s the nice thing about a Ponzi scheme.<\/p>\n<p>Sherman proceeded to discuss crypto regulation absent a ban. Liken crypto to a stock or security, he believes that the Securities and Exchange Commission (SEC) should oversee the crypto sector, citing the regulator\u2019s size, expertise, and aggressive enforcement actions.<\/p>\n<p>However, three bills have been introduced in Congress this year to make the Commodity Futures Trading Commission (CFTC) the primary regulator of the crypto industry.<\/p>\n<p>In July, Sherman urged the SEC to go after major crypto exchanges that traded XRP. The securities watchdog said in January that it had taken 97 crypto-related enforcement actions. In May, the regulator said it nearly doubled the size of its crypto enforcement unit.<\/p>\n<p>Tags in this story<\/p>\n<p>Brad Sherman, Brad Sherman bans crypto, Brad Sherman bans cryptocurrency, Brad Sherman bitcoin, Brad Sherman crypto, Brad Sherman crypto bills, Brad Sherman crypto regulation, Brad Sherman cryptocurrency, Outlaw crypto, us congressman, us lawmaker, us representative<\/p>\n<p><em><strong>What do you think about the comments by U.S. Rep. Brad Sherman? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-lawmaker-says-too-much-money-and-power-behind-crypto-to-ban-it\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Representative Brad Sherman says Congress has not banned crypto because \u201cthere\u2019s too much money and power behind it.\u201d He elaborated: \u201cMoney for lobbying and money for campaign contributions works, or people wouldn\u2019t do it, and that\u2019s why we haven\u2019t banned crypto.\u201d US Lawmaker on Regulation and Why Congress Won\u2019t Ban Crypto Congressman Brad Sherman [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-6905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6905"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6905\/revisions"}],"predecessor-version":[{"id":6907,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6905\/revisions\/6907"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6906"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}