Crypto-skeptic congressman from SoCal is a wet blanket on congress | Crypto

Crypto-skeptic congressman from SoCal is a wet blanket on congress

– Rep. Brad Sherman is a leading crypto skeptic on Capitol Hill, and he wants cryptocurrencies to be outlawed.
– Sherman worries that cryptocurrencies pose a systemic threat, enabling criminals and human-rights abusers and undermining the dominance of the U.S. dollar.
– Crypto advocates counter that the same technology can help persecuted people get their money out of authoritarian countries.
– Sherman is particularly concerned about services like Tornado Cash, which the Treasury Department has accused of laundering over $7 billion since 2019.
– Many in the crypto industry also point to its use among people of color as evidence that it can serve as an alternative for unbanked communities.
– Sherman believes that crypto should be regulated by the Securities and Exchange Commission (SEC). However, last month Sens. Debbie Stabenow (D-MI) and John Boozman (R-AR) introduced a bill that would define most cryptocurrencies as commodities rather than securities, and bring their regulation under the Commodity Futures Trading Commission (CFTC).
– Sherman, Stabenow, Boozman and top crypto firms all agree that the industry should be regulated, but they disagree strongly about the details.

unnamed file Crypto-skeptic congressman from SoCal is a wet blanket on congress

Leave a Reply

%d bloggers like this: