US Congressman: “Cryptocurrencies are too powerful to ban”

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According to him US Congressman Brad Shermancryptocurrencies have not been banned because there is now too much money and power behind them.

This was revealed yesterday during a Interview with Los Angeles Times.

According to Sherman, cryptocurrencies are now too powerful to ban

Sherman has always opposed cryptocurrencies and is extremely skeptical of them, so much so that the Los Angeles Times calls him “the leading crypto skeptic on Capitol Hill.”

The long interview was specifically about cryptocurrencies and the fact that sherman it even considers them a threat to the national security of the United States.

The Democratic congressman, by the way, foresees precisely a subcommittee of the House dedicated to the protection of investors.

Therefore, his words sound like a kind of defeat, that is, the final surrender of American politics. to ban these new digital assets.

Sherman explicitly stated that even he does not think a ban on cryptocurrencies in the United States is likely anytime soon.

The problem would be that the crypto industry is now a powerful lobbyist at the political level, thanks to significant campaign donations from politicians.

According to the Democratic congressman, this would be the real reason why politicians in the US have not decided to ban cryptocurrencies.

In addition, he added that when it was possible to ban it, it was not done because the problem was underestimated, while now it would be too late because “there is too much money and power behind it.”

However, it is worth mentioning that there does not seem to be a majority in the US Parliament in favor of this view, namely that cryptocurrencies should be banned, but now it is too late to do so. In fact, the bipartisan proposal Democrat Gillibrand along with Republican Lummis garnered majority support, somewhat undermining Sherman’s assumption that the House should ban cryptocurrencies.

The Responsible Financial Innovation Law not only does it not prohibit cryptocurrencies, but it aims to provide the United States with a regulatory framework that allows their use for all purposes. Therefore, Sherman’s positions at this time seem to be in the minority within the American political landscape.

Sherman’s main fear is that individual investors are being scammed, but he also believes that cryptocurrencies pose a systemic threat to the current financial system, aiding criminals and undermining the dominance of the dollar.

However, the Democratic congressman is very confusing, because he combines Bitcoin with other cryptocurrencies and puts all altcoins on the same footing, including ethereum.

Minor cryptocurrencies cannot threaten the dollar in any way, and even Bitcoin itself does not seem to be able to, at least in the short to medium term.

The curious thing is that the article of Los Angeles Times at one point he begins to question the assumptions of sherman regarding specifically the use of Bitcoin by criminals, almost as if he somehow wants to defend it from baseless accusations by a politician who doesn’t seem to have figured it out very well yet.

The congressman then focuses on what his specific political role should be, which is to defend investors. In this sense, he affirms that there is little that can be done to prevent people from spending their money recklessly.

He admits that many Americans, for example, want to bet on meme coins, and in that sense, he calls cryptocurrencies a ponzi scheme.

Once again, it does not distinguish between Bitcoin, ethereum and the altcoins smaller, which denotes a superficiality that only strengthens the hypothesis that he really did not know what he was talking about.

Another clue in this regard is that he argues that cryptocurrencies should be regulated by the SEQas is done with securities, when in fact the Lummis and Gillibrand Responsible Financial Innovation Act itself admits that true cryptocurrencies like Bitcoin are not securities, so much so that it assigns to the CFTC to monitor the crypto markets.

Even Los Angeles Times highlights how Sherman’s ideas now seem decidedly outdated by developments in American politics during 2022.

In fact, the newspaper comments:

“Sherman may dream of banning cryptocurrencies, but for now, it is far from clear that he will even win the battle over how to regulate them.”

In other words, his position is not only anachronistic, but already seems completely outdated, as if Sherman has not even realized what has happened in recent months inside the very Parliament of which he is a member.

However, this obviously does not prevent him from disagreeing with the way in which the US regulator is trying to intervene in the crypto markets, but makes it clear that he is now in a minority position that will easily get him nowhere.

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