![\"US](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/09\/sherman-768x432.jpg\")
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U.S. Representative Brad Sherman says Congress has not banned crypto because \u201cthere\u2019s too much money and power behind it.\u201d He elaborated: \u201cMoney for lobbying and money for campaign contributions works, or people wouldn\u2019t do it, and that\u2019s why we haven\u2019t banned crypto.\u201d<\/strong><\/p>\n Congressman Brad Sherman (D-CA) shared his views on cryptocurrency and its regulation in an interview with the Los Angeles Times, published Sunday.<\/p>\n The U.S. lawmaker from California, who chairs a House subcommittee on investor protection, wants to outlaw cryptocurrency but does not believe Congress will take such action. \u201cI don\u2019t think we\u2019re going to [ban crypto] anytime soon,\u201d he told the news outlet.<\/p>\n \u201cMoney for lobbying and money for campaign contributions works, or people wouldn\u2019t do it, and that\u2019s why we haven\u2019t banned crypto,\u201d Sherman explained, elaborating:<\/p>\n We didn\u2019t ban it at the beginning because we didn\u2019t realize it was important, and we didn\u2019t ban it now because there\u2019s too much money and power behind it.<\/p>\n<\/blockquote>\n Not only is the congressman concerned about individual investors being defrauded, but he also views cryptocurrency as a threat to the national security of the U.S. He believes crypto poses a systemic threat, enables criminals, and undermines the U.S. dollar\u2019s dominance.<\/p>\n The lawmaker is particularly worried about crypto mixing services like Tornado Cash. In August, the U.S. Treasury Department\u2019s Office of Foreign Asset Control (OFAC) banned<\/a> the Ethereum mixing application, claiming that the mixer has helped North Korean hackers such as the hacking syndicate known as Lazarus Group.<\/p>\n Sherman admitted that there is little he can do to stop investors from spending their money recklessly. \u201cIt is hard to be running the subcommittee dedicated to investor protection in a country in which people want to wager on [meme coins],\u201d the U.S. lawmaker opined, asserting:<\/p>\n Cryptocurrency is a meme you invest in, in the hopes that you can sell it to somebody else before it tanks. That\u2019s the nice thing about a Ponzi scheme.<\/p>\n<\/blockquote>\n Sherman proceeded to discuss crypto regulation absent a ban. Liken crypto to a stock or security, he believes that the Securities and Exchange Commission (SEC) should oversee the crypto sector, citing the regulator\u2019s size, expertise, and aggressive enforcement actions<\/a>.<\/p>\n However, three bills<\/a> have been introduced in Congress this year to make the Commodity Futures Trading Commission (CFTC) the primary regulator of the crypto industry.<\/p>\n In July, Sherman urged<\/a> the SEC to go after major crypto exchanges that traded XRP<\/a>. The securities watchdog said in January that it had taken 97 crypto-related enforcement actions<\/a>. In May, the regulator said it nearly doubled<\/a> the size of its crypto enforcement unit.<\/p>\nUS Lawmaker on Regulation and Why Congress Won\u2019t Ban Crypto<\/h2>\n
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