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Brad Sherman A Democratic representative told LA Times that crypto won’t be prohibited in the US in the near term. A statement from the Head of Financial Service Subcommittee on Investor Protection disclosed that the U.S government did not prohibit cryptocurrency while it was still at the infant stage, mainly because it was viewed as not important. Nevertheless, there is a lot of money held in this industry.
Therefore, prohibiting cryptocurrency is not possible anytime soon. A major concern about cryptocurrency is how unscrupulous individuals are making use of it. A report from U.Today says that cryptocurrency aids terrorism and various criminal activities. Brad has continuously requested that electronic assets should be comprehensively banned. Thus he has become known as a critic of the cryptocurrency industry. Brad Sherman said that the cryptocurrency industry is receiving support from anarchists in favor of tax evasion.
Prohibition of Tornado Cash
Sometimes in August Tornado Cash was prohibited. Consequently, this caused a stare among cryptocurrency enthusiasts. This protocol was referred to as a formidable threat to United States security. This happened after the platform was used over and over again by hackers from North Korea to move stolen cryptocurrency. Brad Sherman particularly pointed out Tornado Cash as a major concern.
The Tornado Cash prohibition revealed that the US government still has the power to control crypto, despite the powerful lobbying efforts. Nevertheless, there is some opposition amidst Congress. Cryptocurrency lover Republican Tom Emmer requested an explanation from the Treasury Department about the prohibition of the Tornado Cash, which may greatly affect the crypto industry.
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