The US Isn't Going To Ban Cryptocurrency...Not Anytime Soon
This is the proclamation by Rep. Brad Sherman. He is a vocal critic of crypto and feels it should be banned. However, he say that crypto now has lobbyist who are going to make it impossible to ban anytime soon.
In this video I also discuss how Powell also stated something similar last year. The thing is neither of these people really understand what is taking place. This is part for the course with financial and monetary matters over the last 40 years.
Here is the link to the article mentioned in the video:
https://u.today/crypto-ban-wont-happen-anytime-soon-says-us-congressman
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Bitcoin has the capacity to bring massive change in socio-economic conditions. No country would ban it without giving it a sound thought
China was very loud in this aspect on 2021.09.24. They banned all cryptocurrency transactions, not just/only Bitcoin (BTC).
It makes one think that these people have some extra business and how can they not control them, that is why they speak so many negative things about Cryptocurrencies
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STOPCheck out the last post from @hivebuzz:
Cryptos are future, i guess everyone should read this fine post so cool for everyone !!
I also think it's not really going away anytime soon. The government just doesn't really have control over chains such as Bitcoin or ETH. So all we need to do is keep developing and growing while they take their time trying to build regulations.
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Short Summary:
Task's video discusses an article from U.today regarding Representative Brad Sherman's comments on cryptocurrency ban impossibility due to heavy lobbying. Task criticizes Sherman, highlighting his lack of understanding and support for a ban on all digital assets. Task also delves into Federal Reserve Chairman Jerome Powell's stance on regulating cryptocurrencies, emphasizing the lack of comprehension within traditional financial institutions.
Detailed Article:
Task's video starts by addressing an article from U.today concerning Representative Brad Sherman's views on cryptocurrency. Sherman, who heads the house financial services subcommittee on investor protection, was noted for stating that due to substantial lobbying, a cryptocurrency ban is impractical. Task expresses strong disapproval of Sherman, labeling him as ignorant and unsupportive of digital assets, branding him as a typical politician advocating for a ban based on misconceptions rather than informed knowledge.
Task further criticizes Sherman's lack of understanding by mentioning a potential ban on all digital assets, which would profoundly impact industries like gaming, illustrating Sherman's lack of depth in comprehending such complex systems. Task argues that politicians on both sides of the aisle often lack the necessary knowledge and vision to comprehend the fast-paced developments within cryptocurrency and blockchain technology.
Moving forward, Task shifts his focus to Federal Reserve Chairman Jerome Powell, who expressed hesitancy regarding the regulation of cryptocurrencies but ruled out an outright ban. Task uses Powell's stance as a contrast to Sherman's, highlighting the prevailing lack of understanding within traditional financial institutions regarding the evolving financial landscape shaped by cryptocurrencies.
Task then delves into the complexities of the banking system, emphasizing the interconnected nature of money, finance, and collateral within the current financial structure. Task asserts that the Federal Reserve, and by extension, traditional economists, fail to grasp the intricate workings of modern finance, leading to mismanagement and financial instability over the years.
Furthermore, Task underlines that the inability of traditional institutions to comprehend and adapt to the changing financial landscape, particularly in the face of cryptocurrency's rise, signifies a fundamental disconnect and incompetence within the existing financial system. Task concludes by reiterating the inevitability of cryptocurrency's growth and evolution, emphasizing the futility of attempts to impose bans or restrictions in a rapidly evolving ecosystem.
In essence, Task's video provides a critical analysis of the contrasting views of politicians like Brad Sherman and financial figures like Jerome Powell, highlighting the outdated understanding and inherent limitations of traditional financial institutions in grasping the complexities of cryptocurrencies and blockchain technology.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.