Latest News

An anti-crypto legislator claims that too much power and money preclude an outright ban

According to the Los Angeles Times, U.S. Congressman Brad Sherman, who chairs a House subcommittee on investor safety and is a major crypto skeptic in Washington, wants more strict cryptocurrency regulation, if not outright bans.

In an interview with the New York Times, Sherman compared cryptocurrency to a “Ponzi scheme,” claiming that lobbying and campaign contributions had kept the digital currency safe from further regulation.

“I don’t think we’ll get there anytime soon,” Sherman told The Times, adding that “we didn’t ban it at first because we didn’t recognize how essential it was, and we don’t ban it now because there’s too much money and power behind it.”

Instead of a ban, Sherman believes cryptocurrencies should be controlled by the Assets and Exchange Commission (SEC), the same agency that controls stocks, bonds, and other securities.

US Senators Debbie Stabenow and John Boozman, who introduced a bill last month that would define Bitcoin and Ether as digital commodities under the jurisdiction of the Commodities and Futures Trading Commission (CFTC), which regulates other commodities such as corn and aluminum, are in the opposing camp.

Sherman will attend the Crypto Policy Symposium 2022 this Monday and Tuesday, among other crypto critics such as Alex Sobel, a member of the British Parliament, and John Reed Stark, former chief of the SEC’s Office of Internet Enforcement.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.