U.S Congressman Considers Crypto as Threat to National Security

U.S Congressman Considers Crypto as Threat to National Security
  • California Assembly approved a measure to regulate crypto services.
  • Sherman can’t make up his mind on the best strategy to safeguard crypto investors.

In the USA, certain states like California have tightened their rules on cryptocurrencies. For instance, only last week it was announced that the California Assembly had approved a measure to regulate and add licenses for crypto financial services operating inside the state.

Recently, Representative Brad Sherman offered his thoughts on whether or not a crypto prohibition had enough vapor to become a reality. The U.S Congressman reportedly “hates” it and considers it “threat to the national security,” as reported by the Los Angeles Times. The Democrat did, however, admit that the crypto business is a major player when it comes to political contributions. There would be no more talk of outlawing the digital currency after his actions.

Too Much Money and Power

To this end, it’s worth noting that the California Fair Political Practices Commission has just authorized candidates for state and local offices permission to accept payments in digital currencies like Bitcoin. The applicants, however, are not permitted to keep it. One must exchange it for fiat currency. Therefore, there is little chance that the amount contributed will grow or decrease disproportionately as a result of market fluctuations.

Sherman stated:

“I don’t think we’re going to get [to a ban] anytime soon. 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.”

But Sherman can’t make up his mind on the best strategy to safeguard crypto investors. He is against outright deception but recognizes that he has little influence over how others choose to spend their money.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.