Crypto congressman says money, power prevent all-out bans

Congressional Chairman Brad Sherman, a crypto skeptic who chairs the House subcommittee on investor protection, wants more stringent cryptocurrency regulation, if not outright bans, the LA Times reports.

Fast facts

  • According to Sherman, lobbying and campaign contributions have kept cryptocurrency from stricter regulation due to its analogy to a Ponzi scheme.
  • “I think there won’t be a ban anytime soon,” Sherman told The Times, adding, “We didn’t ban it at the beginning because we hadn’t realized its importance, and we won’t ban it now because of the money and power behind it.”
  • To prevent cryptocurrency from being banned, Sherman recommends that the Securities and Exchange Commission (SEC), the same organization that regulates stocks, bonds, and other securities, regulate cryptocurrency.
  • There is an opposing camp led by Senators Debbie Stabenow and John Boozman. Last month, the Commodities and Futures Trading Commission (CFTC), which regulates corn and aluminum, introduced a bill that would define Bitcoin and Ether as digital commodities.

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