A prominent anti-crypto legislator in the United States has apparently conceded that a ban on digital assets is not currently on the table in Congress.
According to the Los Angeles Times, crypto-skeptic Congressman Brad Sherman wants to criminalize digital assets, but the California Democrat does not believe it will happen anytime soon.
“We haven’t prohibited crypto because, obviously, individuals use it for lobbying and political donations and we know that they’re effective. We did not prohibit it in the beginning because we did not recognize its significance, and we do not outlaw it today because there is too much money and influence behind it.”
Sherman has a lengthy history of opposing crypto, including proposing a measure to make it illegal for Americans to acquire and trade crypto assets in 2019.
The congressman is concerned about investor protection for digital assets and crypto’s potential to damage the currency. Sherman recognizes that it is difficult to prevent individuals from spending money as they like.
“As the head of the commission tasked with protecting investors in a nation where individuals are eager to place bets on meme currencies, I can tell you that it is no easy task. Cryptocurrency is a fad you buy in with the goal of selling it before its value falls. This is the benefit of a Ponzi scheme.”