US Congressman believes that cryptocurrencies cannot be banned

US Congressman and well-known cryptocurrency skeptic Brad Sherman believes that a cryptocurrency ban is currently impossible. In a statement to the LA Times, the Northridge County Democrat emphasized that significant political sponsorship and strong lobbying of cryptocurrencies make a complete ban on digital assets impossible.

Sherman explained: «We didn’t ban cryptocurrencies at first because we didn’t realize how important it was. We are not banning them now because there is too much money and power behind the regulatory policy.»

The US congressman is particularly concerned about investors who often fall victim to cryptocurrency scams. Sherman recognized that any efforts by law enforcement agencies to protect investors will not work as long as they continue to invest in cryptocurrencies, including meme coins, and is campaigning for the transfer of the cryptocurrency sector to the jurisdiction of the Securities and Exchange Commission (SEC).

In late August, the US House of Representatives Committee on Economic and Consumer Policy Oversight demanded reports from regulators on the fight against cryptocurrency fraud. The request was also sent to cryptocurrency platforms Coinbase, FTX, Binance. US, Kraken, and KuCoin. Another Senate Agriculture Committee has prepared a hearing on a bill that would radically change the regulatory policy towards cryptocurrency exchanges that still do not report to the US government on their activities.