Rep. Brad Sherman recently informed the Los Angeles Times that the U.S. government has no plans to prohibit cryptocurrencies “anytime soon.”
Currently, too much money and lobbying support the sector, that’s why cryptocurrency prohibition is now impossible.
According to U.Today, he has frequently said that cryptography helps terrorism and other illegal actions. Sherman has frequently advocated for a ban on all digital assets, making him the most outspoken opponent of the business in Congress. He said that cryptocurrencies were supported by “anarchists” who advocate tax avoidance.
In July, Sherman angered fans of the XRP cryptocurrency by claiming that the contentious token is unregistered security.
The prohibition on Tornado Cash
While the U.S. government is far from considering a ban on all cryptocurrencies, it did restrict the contentious Tornado Cash protocol last month, to the chagrin of crypto activists. The Treasury Department deemed the popular coin mixing business a “serious danger” to national security after North Korean hackers regularly exploited it to launder stolen cryptocurrency. Sherman identified Tornado Cash as a source of special concern.
Despite extensive lobbying efforts, the restriction demonstrates that the U.S. government is still able to control crypto. Nonetheless, there is some opposition in Congress. Tom Emmer, a Republican who supports cryptocurrencies, demanded a response from the Treasury Department over the Tornado Cash fines, which may have far-reaching implications for the sector.
Chairman of the Federal Reserve Jerome Powell said in October 2017 that cryptocurrencies should be regulated, although he ruled out a complete ban.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.