Crypto Ban Won’t Happen Anytime Soon, Says U.S. Congressman

The Los Angeles Times quoted Democratic Representative Brad Sherman saying that cryptocurrencies wouldn’t be outlawed in the U.S. “anytime soon.” The chairman of the House Financial Services Subcommittee on Investor Protection stated that while cryptocurrency was still in its infancy, the U.S. government did not outlaw it because it was deemed irrelevant. Crypto Ban Isn’t Coming Anytime Soon However, the sector is currently being supported by too much money and lobbying. Therefore, it is unlikely that there will be a ban on cryptocurrencies anytime soon. The politician from California is worried about thieves exploiting cryptocurrencies. He has repeatedly said that crypto aids terrorism and other evil deeds. Sherman, the industry’s most outspoken opponent in Congress, has frequently called for a general ban on digital assets. He asserted that “anarchists” favor tax avoidance and support cryptocurrency. A few weeks earlier, Sherman angered the XRP cryptocurrency community by asserting that the contentious token is unregistered security. Tornado Cash Outlawed Last Month Although the U.S. government is far from outright prohibiting cryptocurrencies, it did block the controversial Tornado Cash protocol last month, upsetting the industry’s lobbyists. The famous coin mixing service was deemed “a substantial threat” to national security by the Treasury Department after North Korean hackers used it frequently to launder stolen cryptoc...