US congressman and cryptocurrency hawk Brad Sherman has said in a recent interview that banning digital assets would not be an option any time soon.
Sherman explained that Congress had acted slowly on cryptocurrency at first, thinking that blockchain-backed assets would not really pick up.
Now, Sherman admits it’s too late to ban cryptocurrencies, a prospect that he had supported but now believes would not be possible.
Essentially, Sherman says that there is too much money locked up in cryptocurrency, which could have a serious impact on mainstream finance should a crypto asset such as Bitcoin be banned outright.
This is a u-turn from his political agenda in 2019 when he was one among many to ask for a complete, blanket ban on cryptocurrencies.
As companies such as Tesla, Visa and others began putting their money in cryptocurrency, though, Sherman’s enthusiasm for an outright ban has petered out, and understandably so.
However, Sherman is still on the side of regulation, and he insists and expects from fellow US lawmakers to do more to create a framework that allows for the regulation of the industry.
Understandably, Sherman himself is all for a stricter approach to digital assets, which he believes should be the general stance on the industry.
He has called for a ban on certain companies and assets and certainly Tornado Cash, which suffered from sanctions in late August, and which could be just a first move by regulators who attempt to regulate cryptocurrencies more tightly.