United States Congressman Brad Sherman has bared his thoughts on why he thinks the U.S. government would not be issuing a crypto ban anytime soon. The California-based democrat gave his opinions on the subject during an interview with the Los Angeles Times.
Sherman, who is also the chairman of the House Financial Services Subcommittee on Investor Protection admits that the U.S. government cannot just ban crypto overnight. He believes that if crypto was to have been banned, then it would have happened when crypto was in its early years. At least, then, it was not as important as it is now.
The Congressman continued by highlighting the massive amount of money that presently backs the crypto industry. And according to him, that is exactly why it is impossible to ban crypto in the nearest future.
Sherman’s commentaries are interesting, to say the least. They follow his previous stance and advocacies against the illicit use of cryptocurrencies. In fact, he is arguably the most vocal critic of the industry within congress and has called for a blanket ban on digital assets, albeit severally.
Possibility of a Crypto Ban in the U.S.?
It is not exactly clear yet, what the U.S. government intends to do with the crypto industry. However, it is certainly not anywhere near imposing an outright ban on cryptocurrencies.
Nonetheless, the U.S. government did ban the controversial Tornado Cash protocol last month. A move that unsettled crypto lobbyists and signalled that anything is possible regarding a crypto ban decision.
At best though, regulating crypto might potentially be the best course of action. Especially considering how much investment money is in the industry. At least, regulation will ensure that the risks associated with crypto are reduced to the barest minimum.
It might be worth mentioning that last October, Federal Reserve Chairman Jerome Powell also ruled out an outright crypto ban.