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Are Crypto Ponzi Schemes?
According to a story by the LA Times, U.S. Congressman Brad Sherman, the chairman of a House subcommittee on investor protection and a prominent crypto skeptic in Washington, wants more cryptocurrency regulation, if not outright prohibitions. In an interview with, Sherman compared cryptocurrencies to Ponzi schemes and asserted that lobbying and political donations were the main reasons they had avoided stricter regulation.
They didn’t prohibit it in the beginning because they didn’t recognize how essential it was, and they didn’t ban it today because there is too much money and influence behind it, Sherman told the sources. He doesn’t believe we’re going to get to a ban anytime soon. Instead of being outlawed, according to Sherman, cryptocurrencies should be governed by the Assets and Exchange Commission (SEC), which already regulates stocks, bonds, and other types of securities.
Attending the Crypto Policy Symposium 2022
U.S. Senators John Boozman and Debbie Stabenow, who last month introduced a bill that would classify Bitcoin and Ether as digital commodities subject to the control of the Commodities and Futures Trading Commission (CFTC), which also oversees other commodities like corn and aluminum, are in the opposing camp.
Sherman will attend the Crypto Policy Symposium 2022 this coming Monday and Tuesday along with other crypto skeptics including Alex Sobel, a British parliamentarian, and John Reed Stark, a former director of the SEC’s Office of Internet Enforcement.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
