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

According to Congressman Brad Sherman, the U.S. government is unlikely to introduce a ban on cryptocurrencies anytime soon because the industry is growing very strongly, there is a lot of money and lobbying behind it.

The Los Angeles Times quoted Democratic Representative Brad Sherman as saying that cryptocurrencies wouldn’t be outlawed in the US “anytime soon“.

According to the chairman of the House Financial Services Subcommittee on Investor Protection, while cryptocurrency was still in its infancy, the U.S. government did not outlaw it because it was regarded as unimportant. However, the sector is currently being supported by too much money and lobbying. A cryptocurrency ban is therefore unlikely in the near future. The politician from California is worried about thieves exploiting bitcoins.

He has asserted over and time again that crypto aids terrorism and other evil deeds. Sherman, who has become the industry’s most outspoken opponent in Congress, has frequently called for a general ban on digital assets.

He asserted that “anarchists,” who favor tax avoidance, support cryptocurrency. Sherman angered the XRP cryptocurrency community in July by asserting that the contentious token is an unregistered security.

The Treasury Department has identified popular currency mixing service Tornado Cash as a “significant threat” to national security after it was repeatedly used by North Korean hackers to launder stolen cryptocurrency.

Sherman is particularly concerned about services like Tornado Cash, a cryptocurrency mixer that the Treasury Department has accused of laundering over $7 billion since 2019 by taking in payments and shuffling them through other accounts, making them nearly impossible to trace.

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