Brad Sherman, a well-known Crypto Skeptic, and congressman of the United States spoke against the banning of Crypto. According to Brad, the time is not ripe for imposing a ban on crypto coins. In fact, due to the prevailing problematic situation in crypto, various experts are advocating a ban. It is also true that the security of the investors is in danger. In fact, certain gullible investors are continuing to invest in memecoins.
Sherman, who is a well-known Crypto skeptic, stated that a ban would not work in such a scenario. According to him as long as investments in memecoins are not checked, the ban on crypto will be ineffective. If you wish to learn more about the comment of Brad, this article is the perfect stop for you. Keep reading this article to know more about Brad’s comment about the crypto ban.
The Northridge-area Democrat and a known crypto skeptic, Brad Sherman recently gave an interview to LA Times. In that interview, he admitted that over the years the crypto industry has become powerful. According to him, imposing a ban on crypto is impossible at this moment. This is due to the strong crypto lobbying and high capital donations to politicians. The crypto skeptic stated that banning it, in the beginning, was important. But people failed to gauge its importance at that time. Therefore, now as the industry has become powerful, a ban is unlikely to be effective.
In fact, Brad kept on demanding a crypto ban since 2019. Therefore, within just three years, a change of tune on his part seems significant. Now, he is in fact, demanding the regulation of the crypto market. He is advocating crypto regulation, out of his concern for the retail and small investors. These investors have repeatedly fallen prey to various scams. But according to him, it is really difficult to protect them unless they stop investing in memecoins. Instead, he advocated that crypto should be brought under the supervision of the SEC.
Various lawmakers in the US have kept demanding legal supervision of the crypto market. However, the process of regulation has a topic of much debate. Sherman, the crypto skeptic and various others are in favour of strict regulations. However, there is yet another section, that state that strict regulations would infringe upon decentralisation. In fact, he also supported the ban on Tornado Cash. However, now, Sherman’s opinion against the crypto ban seems significant.