Brad Sherman Calls There Will Be A Prohibition Of Cryptocurrency In The Near Future

Cryptocurrencies will not be banned in the United States but will be regulated. (photo: doc. Unsplash)

JAKARTA Cryptocurrencies have experienced bans from various countries in recent years, as have been done by China and India. However, crypto bans will not happen again in the near future. This was conveyed by the representative of the Democratic party, Brad Sherman.

He shared his views on the Los Angeles Times. According to him, cryptocurrencies will not be banned in the United States "in the near future." Sherman, who also serves as Head of the US House's Financial Services Subcommittee on Perlindungna Investor, stated that the US government did not ban crypto in the early days because cryptocurrencies were deemed not so important.

According to U.Today, there is currently a lot of money and lobbying behind the crypto industry. Therefore, the ban on cryptocurrencies is unlikely to be imposed in the future.

Sherman himself is actually worried about criminals who use cryptocurrencies. He repeatedly stated that cryptocurrencies facilitate terrorism and other illegal activities.

Previously, Sherman had often called for a ban on cryptocurrencies because they were used by "anarchics" who called for tax embezzlement. In July, Sherman angered supporters of XRP cryptocurrencies after stating that controversial tokens were unregistered securities.

Sherman insists that the US government will not impose a ban on cryptocurrencies. The government will only ban crypto mixer platform Tornado Cash, which is accused of facilitating financial crimes through crypto.

The Treasury has identified a popular coin mixing service as a significant threat to national security after being repeatedly used by North Korean hackers to launder stolen cryptocurrencies. Sherman chose Tornado Cash as a matter of special concern.

The ban shows that the US government is still able to charge crypto despite strong lobbying efforts. However, there were some resistance in Congress. The crypto-friendly Republican Tom Emmer began demanding an explanation from the Treasury of the Tornado Cash sanctions that could have extensive implications for the crypto industry.

In October, the Fed's Chair, Jerome Powell, argued that there was a crypto regulation and avoided the full ban on the digital asset. The urge to regulate crypto is in line with the US government, instead of banning it.