US Congressman Brad Sherman said cryptocurrency has too much money and power and can not be banned. Sherman has further criticized cryptocurrencies and believed that crypto poses a technological threat to US national security. Sherman said he does not think cryptocurrency will get a ban soon.
He further added that Congress did not ban it at the beginning because they did not realize it was necessary, and they did not ban it now because there is too much money and power behind it. He views the cryptocurrency market as a systemic threat to the dollar’s dominance, the American economy, and national security. Additionally, Sherman is primarily concerned with techniques such as Tornado Cash, he said.
Although Congress is currently divided on whether cryptocurrency is beneficial or destructive, almost all its members are concerned about safeguarding investors, mainly through regulation and legislation.
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Congressman Tom Emmer voiced displeasure over the sanctions when the US Treasury outlawed Tornado Cash. He questioned what aspect of blockchain and cryptocurrency technologies was subject to penalties and requested clarification from the Treasury on the extent of those sanctions.
On the other hand, Congress has given cryptocurrency more attention this year than ever before. Congress reached a record amount of bills on cryptocurrency by presenting 80 proposals between January 2022 and March 2022. The legislation focuses on six key areas, including Central Bank Digital Currency (CBDC) and crypto clarification over the regulatory status of digital sanctions, ransomware, assets, and the effects of Russia or China’s usage of cryptocurrencies.