Last October, the chairman of the FED indicated that it was necessary to regulate cryptocurrencies. However, Jerome Powell ruled out any possibility of banning these assets. A few months ago he said they were a “vehicle for speculation”. That said, it is obvious that the United States can permanently ban cryptos. What prevents them?
A Crypto Industry That Involves Too Much Money
According a tweet from CryptoPanic on September 4, a US Congressman said that “the crypto ban isn’t happening anytime soon“. Indeed, according to Democratic Representative Brad Sherman, there are various factors that prevent the US government from banning cryptocurrencies. He revealed to the Los Angeles Times that initially the US didn’t ban cryptocurrencies because they felt they didn’t matter.
Today, the government is still not ready to ban them, because there are too much money and lobbying at stake. However, Brad Sherman fears that criminals will misuse cryptocurrencies to achieve their ends. He pointed out that cryptocurrency is a tool that facilitates criminal activities like terrorism. He would have liked a general ban on cryptos, as he has repeatedly demanded in Congress.
For Sherman, digital assets have the backing of “anarchistswhich are for tax evasion. Recall that last month, the US government banned the controversial Tornado Cash protocol. According to authorities, the network represented “a significant threatfor national security. This ban is proof that the United States can block cryptocurrencies.
With the Tornado Cash ban, US authorities are proving they can ban cryptocurrencies. However, they are not ready to do so, there is some resistance in Congress.
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