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US Senator Brad Sherman says the Senate hasn't banned cryptocurrencies because there's too much money and power behind them. According to him, money used for lobbying and campaigns work otherwise people wouldn't enter the sector, and it's the reason why the US hasn't banned crypto.
The lawmaker said in a recent interview with the LA Times, he doesn't believe that the Senate is going to ban cryptos anytime soon.
Sherman finds the US didn't ban the industry initially because the Congress didn't realize it was important. He expressed concerns about investors being deceived and in his opinion crypto imposes risks to national security. Sherman criticized crypto saying it poses a systemic threat, serves for crimes, and has a negative impact on the US dollar’s dominance.
Sherman also said he's worried about privacy services like Tornado Cash.
At the same time, the lawmaker said there's little he can do to stop people from making unreasonable investments. According to the congressman, crypto is a meme you invest in hoping that one day you'll be able to sell it with a higher price. Sherman says it's the nice thing about a Ponzi scheme.