US Congressman and Crypto Skeptic Explains Why a Crypto Ban Won't Work

Sherman said any task force or committee set up to help and protect investors will not work as long as gullible investors continue to invest in memecoins.< /p> New

In a recent interview, US Congressman and known crypto skeptic Brad Sherman argued that banning cryptocurrencies is not an option at this point.

In a statement to the LA Times, the Northridge-area Democrat said the crypto industry has grown quite powerful over the years. He added that high capital donations to politicians and strong crypto lobbying prevent them from imposing a blanket ban. He explained:

"We didn't ban it at first because we didn't know it was important, and we didn't ban it now because there's too much money and power behind it. "

The Democratic Rep is a well-known skeptic who has been calling for a crypto ban since 2019. Almost three years later, Sherman has changed his mind about a ban and is now advocating for crypto market regulation.< /p>

The US congressman is particularly concerned about small and small investors who often fall prey to gullible scams, but admitted that any effort by the judiciary to protect investors will only work when they will continue to invest in cryptocurrencies such as memecoins. He said:

"It's hard to run the dedicated investor protection subcommittee in a country where people want to bet on [memecoins]."

Sherman argued for crypto to be placed under the jurisdiction of the Securities and Exchange Commission (SEC). The same committee he criticized in July earlier this year for not tackling the