Brad Sherman, a United States Lawmaker representing California has said that there is too much money behind cryptocurrency for it to be banned in the United States.
Sherman, who heads a House subcommittee on investor protection stated this while speaking to news outlets, ‘The Los Angeles Times.
The report which was published on Sunday quoted Sherman saying “I don’t think we’re going to [ban crypto] anytime soon,
“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.”
In the report, Sherman described cryptocurrency as a threat to the national security of the U.S.
According to him, crypto poses a systemic threat, enables criminals, and undermines the U.S. dollar’s dominance.
Sherman admitted that there is little he can do to stop investors from spending their money recklessly.
“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.” he stated.