Brad Sherman, a Democrat member of the US House of Representatives, made remarkable statements about the cryptocurrency ban in a statement to the Los Angeles Times.
Brad Sherman Talks About Crypto Ban
Brad Sherman, a Democrat member of the US House of Representatives, made remarkable statements about the cryptocurrency ban in a statement to the Los Angeles Times. Brad Sherman, Chair of Investor Protection of the House Financial Services Subcommittee, stated that he wants strict regulations, if not a total ban on cryptocurrencies. While Sherman said that cryptocurrencies are not banned because there is too much money and power behind them, he expressed concern about criminals abusing cryptocurrencies. Sherman’s full statement on the subject is as follows: “I don’t think a ban will be introduced anytime soon. Money for lobbying and campaign contributions would work or people wouldn’t be doing it anyway, I think that’s why we still haven’t banned crypto. We didn’t ban it at first because we understood it was important, and then because there was a lot of money and power behind it.”
Sherman has previously claimed that cryptocurrencies facilitate terrorism and other illegal activities and called for a ban on cryptocurrencies. In addition, Brad Sherman made a resounding statement about XRP, stating that XRP issued by Ripple is an unregistered security and drew the reaction of the community.
While the US government has stated that it is not close to a comprehensive ban on cryptocurrencies, it gave crypto lobbyists goosebumps by banning the Tornado Cash protocol last month.
Tornado Cash Ban
The U.S. Treasury Department has identified the popular cryptocurrency mixing service as a significant threat to national security after it was repeatedly used by North Korean hackers to launder stolen cryptocurrencies. Brad Sherman also mentioned that Tornado Cash was a matter of particular concern.
FED’s Views on the Ban
In October of last year, Federal Reserve Chairman Jerome Powell said it was okay to regulate cryptocurrencies, but did not agree to a full-fledged ban. Despite this, Jerome Powell described cryptocurrencies as tools for speculation in March.
