The US Congressman called for the banning of Initial Coin Offerings (ICO) during the hearing on Thursday. The proposal came from a member of the House of Representatives from California County Brad Sherman. He made a statement after William Hinman, head of the direction of securities and exchanges in the field of corporate finance, spoke before the subcommittee on the securities and investment markets. Hinman told the committee that his unit "seeks a balanced approach" when it comes to cryptocurrencies and ICO.