US Congressman Brad Sherman said that crypto has too much money and power and can not be banned, Cryptoslate noted citing LA Times.
Sherman has further criticised cryptocurrencies and believed that crypto poses technology threat to US national security. Sherman said LA Times, ““I don’t think we’re going to get (to a ban) anytime soon. Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto.”
“(Congress) didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it,” he further added. The Times reports that he views the cryptocurrency market as a “systemic threat” to the dollar’s dominance, the American economy, and national security. Additionally, Sherman is “especially concerned” with techniques such as Tornado Cash.
Although Congress is currently divided on whether cryptocurrency is beneficial or bad, almost all of its members are concerned about safeguarding investors, particularly through regulation and legislation. Congressman Tom Emmer voiced displeasure over the sanctions when the U.S. Treasury outlawed Tornado Cash. He questioned what aspect of blockchain and cryptocurrency technologies was subject to penalties and requested clarification from the Treasury on the extent of those sanctions, Cryptoslate stated.
Congress, on the other hand, has given cryptocurrency this year more attention than ever before. Congress reached a record amount of bills pertaining to cryptocurrency by presenting 80 proposals between January 2022 and March 2022. The legislation focuses on six key areas, including Central Bank Digital Currency (CBDC), crypto clarification over the regulatory status of digital assets, sanctions, ransomware, and the effects of either China or Russia’s usage of cryptocurrencies, Cryptoslate noted.
(With insights from Cryptoslate)
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