US lawmaker says crypto is not banned 'because there's too much money and power behind it.' cryptocurrency bitcoin
U.S. Representative Brad Sherman says Congress has not banned crypto because “there’s too much money and power behind it.” He elaborated: “Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto.”Congressman Brad Sherman shared his views on cryptocurrency and its regulation in an interview with the Los Angeles Times, published Sunday.
“Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto,” Sherman explained, elaborating: 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’s dominance.
Sherman admitted that there is little he can do to stop investors from spending their money recklessly. “It is hard to be running the subcommittee dedicated to investor protection in a country in which people want to wager on [meme coins],” the U.S. lawmaker opined, asserting:
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