Brad Sherman, a popular US congressman and crypto critic, explained in a recent interview that “banning cryptocurrencies is not an option right now.” Sherman added that any committee or task force established to protect and assist investors today will not work “as long as investors continue to invest in meme coins.”
The Democratic congressman explained in his statements to the LA Times that the crypto industry is very powerful at the moment and that, in his opinion, it is impossible for the government to impose general bans for this sector at present. This crypto skeptic noted that “they did not ban cryptocurrencies at the beginning because they realized that they were something important and they do not ban them now because there are many actors involved, a lot of money and also a lot of power behind it.”
The congressman is a well-known cryptocurrency skeptic who has been calling for regulation of the sector since 2019. Now, almost three years later, he stresses that he has changed his mind, considering that a total ban will not serve any purpose and it is now that he advocates for the regulation of the crypto market.
Sherman also explained that he is “particularly concerned about small and retail investors, who are often the victims of various scams.” He also admitted that “any efforts by the judiciary to protect investors will not be effective or work as long as they continue to invest in coins like the popular meme coins.” For this congressman, cryptocurrencies should be “under the jurisdiction of the Securities and Exchange Commission” (SEC), the committee that he also strongly criticized this summer for not pursuing cryptocurrency exchanges.
It is important to take into account the point of view of such influential political actors, even more so considering that US legislators have repeatedly demanded that US regulatory bodies put the crypto market under the microscope of the law. However, it is also worth noting that in this field there have been very different opinions on the regulation of the crypto market in recent years.
For a large majority of lawmakers including Sherman, strict regulatory policies would be the best option, while pro-crypto users argue that such regulations and policies would surely infringe on decentralization to a large extent. For example, the ban on Tornado Cash has been one of the examples that proponents of strong regulation in the crypto sector, like Sherman, have supported.
Maybe you are interested: Why has the United States banned Tornado Cash?
Likewise, other US legislators such as Cynthia Lummis or Hester Peirce have been fighting hard for regulations in favor of cryptocurrencies for years.
