Congress’ leading crypto skeptic is a Southern California congressman – Los Angeles Times

A growing movement in Congress wants to bring more regulation to the nearly $2-trillion crypto industry, which is currently overseen by a patchwork of state laws and federal agencies. Sherman, however, doesn’t just want to regulate cryptocurrencies, he wants them outlawed.

“I don’t think we’re going to get [to a ban] anytime soon,” Sherman told The Times, noting that the crypto industry is a powerful player when it comes to campaign donations. “Money for lobbying and money for campaign contributions works, or people wouldn’t do it; and that’s why we haven’t banned crypto. We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.”

Source: Congress’ leading crypto skeptic is a Southern California congressman – Los Angeles Times