In an interview that was published on Sunday by the Los Angeles Times, Congressman Brad Sherman, a Democrat from California, discussed his thoughts on cryptocurrencies and their regulation.
According to the representative for the United States of America, Congress has not outlawed cryptocurrency because there is too much money and power involved. He went on to explain that people use the money for lobbying and money for political donations because it is effective; otherwise, people wouldn’t do it; this is why crypto hasn’t been banned.
In his words:
Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto. We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.
The congressman is worried not just about the possibility of individual investors being cheated, but also about the possibility of crypto being a risk to the national security of the United States. He is of the opinion that cryptocurrencies represent a systemic risk, provide opportunities for criminals, and challenge the supremacy of the US currency.
The thirteenth term that Congressman Sherman is presently serving in Congress began in January of this year. Sherman has been a member of the House of Representatives since 1997. He is an influential senior member of the House Committee on Foreign Affairs, an influential senior member of the House Committee on Financial Services, and a member of the House Committee on Science, Space, and Technology.
He previously said to the SEC after they launched their infamous case against Ripple: You’ve gone after XRP because XRP is a security, but you haven’t gone after all the major crypto exchanges that process tens of thousands if not far more transactions. If XRP is a security and you think it is and I think it is, why are these crypto exchanges not in violation of the law?
