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US Lawmaker Says Congress Has No Immediate Plans To Ban Crypto: Report

A vocal anti-crypto lawmaker within the US is reportedly acknowledging {that a} ban on digital property isn’t on the desk in Congress proper now.

The Los Angeles Occasions reports that crypto skeptic Congressman Brad Sherman needs to outlaw digital property, however the Home Democrat from California doesn’t assume it’s going to occur anytime quickly.

“I don’t assume we’re going to get [to a ban] anytime quickly. Cash for lobbying and cash for marketing campaign contributions works, or individuals wouldn’t do it; that’s why we haven’t banned crypto. We didn’t ban it initially as a result of we didn’t understand it was vital, and we didn’t ban it now as a result of there’s an excessive amount of cash and energy behind it.”

Sherman has a protracted historical past of taking up crypto, together with calling for a invoice in 2019 to make it unlawful for Individuals to purchase and promote crypto property.

The lawmaker worries about digital asset investor safety, in addition to crypto’s potential to weaken the greenback. Sherman additionally acknowledges it’s exhausting to cease individuals from spending cash the way in which they need to spend it.

“It’s exhausting to be working the subcommittee devoted to investor safety in a rustic during which individuals need to wager on [meme coins]. Cryptocurrency is a meme you spend money on, within the hopes that you could promote it to any individual else earlier than it tanks. That’s the great factor a few Ponzi scheme.”

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