On September 4th, 2022, Californian Democrat Senator Brad Sherman shared the reason behind no crypto ban by now. Sherman is among the prominent critics of crypto and he shared his thoughts on crypto ban with Los Angeles Times.
The Los Angeles Times reported that Sherman doesn’t think that there is going to be any ban on cryptocurrencies, at least in the near future. He cited the heavy mainstream use of crypto as the reason behind this. According to Sherman, initially they did not outright ban crypto because they did not think it was necessary. However, now they can not ban crypto because now it holds so much capital and power.
US Congressman apparently referred to the whole crypto system as a ponzi scheme. He said in a country like the US where people want to risk their money while investing it into some meme currency, it becomes tough to take any initiative towards their protection.
Further he termed the whole crypto regime as some meme that people opt out to invest rather than some asset with actual worth. He added that people put their money and buy digital assets in anticipation that someone else would buy them at a much higher price someday. This is the perfect example of a ponzi scheme, he said.
Congressman Sherman had been an outspoken opponent of crypto assets. In May, 2019, he even called out for a crypto ban in the US when he was elected House Financial Services Subcommittee on Investor Protection’s Chairman. However, his calling did receive reactions against it.
For instance, a couple of days after Sherman’s statement, former Congressman and presidential candidate Ron Paul stated against him. He said Sherman was another thug in Washington. He went on to say that they believe they know everything and would run things on their own. He criticized him while saying that they aspire to be the head, they are nothing less than dictators and not unusual.