A vocal anti-crypto lawmaker in the US is reportedly acknowledging that a ban on digital assets isn’t on the table in Congress right now.
The Los Angeles Times reports that crypto skeptic Congressman Brad Sherman wants to outlaw digital assets, but the House Democrat from California doesn’t think it will happen anytime soon.
“I don’t think we’re going to get [to a ban] anytime soon. Money for lobbying and money for campaign contributions works, or people wouldn’t do it; 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.”
Sherman has a long history of taking on crypto, including calling for a bill in 2019 to make it illegal for Americans to buy and sell crypto assets.
The lawmaker worries about digital asset investor protection, as well as crypto’s potential to weaken the dollar. Sherman also acknowledges it’s hard to stop people from spending money the way they want to spend it.
“It is hard to be running the subcommittee dedicated to investor protection in a country in which people want to wager on [meme coins]. Cryptocurrency is a meme you invest in, in the hopes that you can sell it to somebody else before it tanks. That’s the nice thing about a Ponzi scheme.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Titima Ongkantong/Nikelser Kate