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US Congressman Brad Sherman Says Cryptocurrencies Are Getting Too Big And Not Likely To Be Banned Anytime Soon, LA Times report September 4.
Sherman has been a vocal critic of cryptocurrencies and believes the technology poses a threat to US national security. Sherman told the LA Times that he
“I don’t think we can get [to a ban] in a few days. Either the money for lobbying and the money for donating to the campaign works or people won’t do it.
He added:
“[Congress] I didn’t ban it in the first place because I didn’t realize it was important, and I still don’t because there’s too much money and power behind it. “
according to Times, He identifies the cryptocurrency industry as a systemic threat to the US economy, dollar dominance and national security. Sherman is also “particularly concerned” about protocols like Tornado Cash.
Congress is currently divided on whether cryptocurrencies are good or bad, but most lawmakers are primarily concerned with protecting investors through regulation and legislation.
After the US Treasury Department banned Tornado Cash, Congressman Tom Emer expressed his anguish over the sanctions. He questioned which parts of blockchain and cryptography would be subject to sanctions and called on the Treasury Department to clarify the scope of the sanctions.
Meanwhile, Congress is paying more attention to cryptocurrencies this year than ever before. Congress has reached a record number of crypto-related bills by introducing 80 bills from January 2022 to March 2022.
The bill focuses on six different categories, including Central Bank Digital Currencies (CBDC), crypto transparency on the regulatory treatment of digital assets, sanctions, ransomware, and the implications of crypto use by China or Russia. .
In addition to addressing the regulatory pillar, Congress has also begun to increase oversight of cryptocurrency companies. In August 2022, Congress sent letters to FTX, Kraken, Binance.US, Coinbase and KuCoin asking for information on how to combat cryptocurrency fraud. Congress is also trying to decide which departments should be primarily interested in crypto companies.
Before the coldest winter in crypto history began, the crypto market had reached $3 trillion. But after the bear market hit, the market plunged him $2 trillion. Prominent cryptocurrency executives, on the other hand, aren’t worried about the decline.
They argue that a bear market will shake off projects that don’t offer real value, making room for real innovation and value-added services. increase.
Cryptocurrencies are currently in the very early stages of adoption, according to a July 2022 report by the Boston Consulting Group (BCG), Bitget, and Foresight Ventures. The study shows that cryptocurrencies are here to stay, and a real surge in adoption will begin once cryptocurrencies are integrated into businesses and homes.
