Rumors of a crypto ban in the United States have resurfaced in the crypto community, leaving investors wondering. Push after push has prompted Democratic representative Brad Sherman to shed some light on the matter.
Democratic Representative Brad Sherman told the Los Angeles Times that cryptocurrencies will not be banned in the United States "any time soon." The head of the Household Financial Services Subcommittee on Investor Protection claims that the U.S. government not banning crypto anytime soon because it is seen as unimportant.
However, there are various issues that arise regarding crypto that many see it as too risky. However, more pressing current demands such as inflation make attention not directed to the crypto market for now.
The California politician expressed concern over the abuse of crypto in the market. He has repeatedly stated that crypto can be manipulated for criminal and terrorist activities. Sherman has previously, repeatedly called for a blanket ban on digital assets, been the industry's most vocal critic in Congress.
In July, Sherman upset supporters of the cryptocurrency XRP after stating that the controversial token was an unregistered security.
Although the U.S. government has not imposed a blanket ban on cryptocurrencies. Most recently, they banned the controversial Tornado Cash protocol last month. The Treasury Department is identifying tokens that pose a threat such as Tornado Cash.
This leads to indications that the U.S. government still carrying out monitoring activities on the crypto market so far. Last October, Federal Reserve Chairman Jerome Powell said that it was appropriate to regulate cryptocurrencies, but youth rejected a complete ban. However, Powell described cryptocurrencies as "speculative tools" last March.
