Why Crypto Has Not Been Banned Yet – U.S. Congressman Explains

The emergence of crypto was one of the ground-breaking discoveries of this era. The change it brought affected many things in the financial systems. While many people embraced it wholeheartedly, others have remained doubtful.

For instance, in the U.S congress, there are many Crypto proponents. But still, many amongst them are always skeptical about crypto. Congressman Brad Sherman is among the biggest crypto skeptics in Washington D.C Congress.

Sherman is currently serving his thirteenth tenure in congress. He earlier 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.

Brad Sherman was elected chairman of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets in 2019. He has a degree in Law from Harvard University, where he graduated with Great Distinction.

As a man with outstanding achievement and an impeccable track record of experience, Congressman Sherman is a strong Anti-crypto person. He called for a Cryptocurrency ban in the United States on May 9, 2019.

Sherman Criticizes SEC For Not Attacking Major Crypto Firms

During an interview at Consensus 2019 held on May 13, 2019, Former Congressmen Ron Paul referred to Sherman as ‘just another thug in Washington.’ Paul said that Sherman and his likes in congress believe that they know what is best and are also dictators.

At a hearing titled ‘Oversight of the SEC’s Division of Enforcement before the U.S House of Representatives Committee on Financial Services on July 19, Sherman asked Gurbir S. Grewal 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 filing an action against Ripple Labs Inc. and two of its executives. SEC alleged that Ripple Labs raised over $1.3 million through an unregistered digital asset securities offering.

Ripple plummets by 1% on the chart l XRPUSDT on TradingView.com

So, Sherman criticized SEC for not going after the big guys that allowed XRP to exist in the U.S.

Why Sherman Thinks Crypto Will Not Be Banned

According to Los Angeles Times, Sherman said he doesn’t think there will be a ban soon. He said it is either because the other congress members have been lobbied with money or they don’t want to do it.

Sherman said that crypto wasn’t banned initially 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; someone invests in it with the hope of selling it before it tanks.

Featured image from Pexels, chart from TradingView.com

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