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Brad Sherman: Crypto Now Too Powerful to Ban

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  • Congressman Brad Sherman has said that the crypto sector now has an excessive amount of political capacity to be banned
  • Sherman said that a lot of money is now entering lobbying, with man senators now behind the movement ideologically
  • Sherman embarrassed himself throughout a congressional hearing this past year when attempting to criticise cryptocurrencies

Congressman Brad Sherman, the person who famously asked what could mongoose coin do to crypto coin? during an effort to denigrate cryptocurrencies, has said that the crypto sector now exerts an excessive amount of political influence to be banned. Within an interview with the LA Times, Sherman, whose re-election campaigns are backed by banks and credit companies, warned that the crypto space was only a Ponzi scheme and suggested that the crypto space ought to be overseen by the Securities and Exchange Commission (SEC), which includes already proved itself singularly unsuited to doing this.

Sherman and Crypto Have History

Sherman first found the eye of the crypto community in March 2018 when he criticised Bitcoin and ICOs, but really made a name for himself in January 2020 when he warned over terrorists using bitcoin for fundraising, without realising that it might be better for police should they did, because of its traceability.

Sherman then then surpassed himself in December this past year when he went totally off the rails while attempting to criticise the sector:

tell me you dont understand crypto without telling me you dont understand

LilMoonLambo (@LilMoonLambo) December 8, 2021

Crypto is Playing the overall game

Crypto It appears that Sherman have not lost his love of hating crypto. In the LA Times interview, Sherman called crypto a meme you spend money on, in the hopes that you could sell it to someone else before it tanks, adding that, Thats the nice thing in regards to a Ponzi scheme.

However, he also realises that in not banning it first, officials now cant put the genie back the bottle, particularly when the crypto space is now able to wield political power and influence:

Money for lobbying and money for campaign contributions works, or people wouldnt take action; and thats why we havent banned crypto. We didnt ban it in the beginning because we didnt realise it had been important, and we didnt ban it now because theres excess amount and power behind it.

Sherman also told the newspaper he believes crypto ought to be regulated by the SEC due to the size, expertise, aggressive enforcement actions and due to cryptos similarity to a stock or security. That is despite (or simply due to) the agencys utter failure to activate with those in the crypto space over a regulatory framework and its own modus operandi of regulation by enforcement.

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