Why Crypto Hasn’t Been Banned Yet – US Congressman Explains
The rise of crypto was one of the groundbreaking discoveries of this era. The change it brought affected many things in the economic systems. While many embraced it wholeheartedly, others have had their doubts.
For example, in the US Congress, there are many crypto supporters. But still many of them are always skeptical about crypto. Congressman Brad Sherman is among the biggest crypto-skeptics in the Washington DC Congress.
Sherman is currently serving his thirteenth term in Congress. He previously served in the House of Representatives in 1997. Sherman is also a senior member of the House Financial Services Committee, a senior member of the House Foreign Affairs Committee, and a member of the House Science, Space, and Technology Committee.
Brad Sherman was elected Chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets in 2019. He holds a law degree from Harvard University, where he graduated with high honors.
As a man of outstanding accomplishments and an impeccable track record, Congressman Sherman is a staunch anti-crypto figure. He called for a cryptocurrency ban in the US on May 9, 2019.
Sherman criticizes the SEC for not cracking down on big crypto firms
During an interview at Consensus 2019 held on May 13, 2019, former Congressman Ron Paul referred to Sherman as “just another thug in Washington.” Paul said Sherman and his ilk in Congress think they know what’s best and are also dictators.
During a hearing titled ‘Oversight of the SEC’s Division of Enforcement before the US House of Representatives Committee on Financial Services on July 19, Sherman Gurbir S. Grewal asked a question.
He asked Gurbir why he only went after XRP and not all the major crypto exchanges that process far more transactions than XRP. Gubir is the Director of Law Enforcement at the SEC.
The SEC announced in December 2020 that it was filing a case against Ripple Labs Inc. and two of its executives. The SEC alleged that Ripple Labs raised over $1.3 million through an unregistered digital securities offering.
So Sherman criticized the SEC for not going after the big guys who allowed XRP to exist in the US
Why Sherman thinks crypto won’t be banned
According to the Los Angeles Times, Sherman said he doesn’t think there will be a ban anytime soon. He said it’s either because the other members of Congress have been lobbied with money or they don’t want to do it.
Sherman said crypto wasn’t banned in the first place because they didn’t think it was important, and now the power behind crypto has grown too much.
The Washington congressman also called digital assets a Ponzi scheme. According to him, cryptocurrency is a meme coin, like Ponzi; some invest in it with the hope of selling it before it tanks.
Featured image from Pexels, chart from TradingView.com
