- The California Association approved a measure to regulate crypto services.
- Sherman cannot decide on the best strategy to protect cryptocurrency investors.
In the USA, some states like California have tightened their rules on cryptocurrencies. For example, it was announced just last week that the California Assembly approved a measure to regulate and add licenses to crypto financial services operating within the state.
Recently, a representative Brad Sherman He offered his thoughts on whether or not the crypto ban has enough steam to become a reality. The US congressman reportedly “hates it” and considers it a “national security threat,” according to the Los Angeles Times. However, the Democrat admitted that the crypto business is a major player when it comes to political contributions. There will be no more talk of a digital currency ban after his actions.
Lots of money and power
To this end, it is noteworthy that ca Fair Political Practices Committee He just authorized candidates to state and local offices to accept payments with digital currencies such as Bitcoin. However, applicants are not allowed to retain it. One must exchange it for paper currency. Therefore, there is little chance that the amount contributed will grow or decrease disproportionately as a result of market fluctuations.
“I don’t think we’ll get it [to a ban] anytime soon. Money for lobbying and money for campaign contributions works, or people won’t; That is why we have not banned cryptocurrencies. We didn’t ban it at first because we didn’t realize it was important, and we didn’t ban it now because there’s a lot of money and power behind it.”
But Sherman cannot decide on the best strategy to protect crypto investors. He is against outright deception but understands that it has little impact on the way others choose to spend their money.
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