US Senator Says Cryptocurrency Is ‘Probably’ proposed that it should be banned following the collapse of the cryptocurrency exchange FTX. However, he admitted that banning cryptocurrencies would be “extremely difficult because it goes offshore and nobody knows how it works.”
Sen. Sherrod Brown Proposes Ban on Virtual Currencies
Senator Sherrod Brown (D-Ohio), chairman of the Senate Committee on Banking, Housing and Urban Affairs, spoke on cryptocurrencies. did. NBC Sunday interview.
He suggested that the Treasury Department and various regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), should come together to assess potentially relevant actions. said there is cryptocurrency market. Referring to the SEC and his CFTC, the senator said: At the same time, we might ban it, but it would be very difficult to ban it because it goes offshore and nobody knows how it works.
Last week , the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the collapse of cryptocurrency exchange FTX. The House Financial Services Committee also held another hearing on FTX the day before.
FTX filed for bankruptcy on November 11, and former CEO Sam Bankman-Fried (SBF) was arrested and is currently in prison in the Bahamas. He and his cryptocurrency company face several fraud charges brought by the US government and regulators. The United States is seeking the extradition of Bankman-Fried. However, the SBF told a Bahamas court on Monday that it would make a decision only after seeing all the indictments against him.
Sen. Brown on Crypto Regulation
Ohio Senators said on Sunday that the cryptocurrency market is a “complex, unregulated pot of money” and the problem is much bigger than FTX. “So we have to do this right,” he stressed.
“I have spent most of the past eight and a half years at this job as chairman of the Banking, Housing and Urban Affairs Commission,” Brown continued, elaborating.
Educate my colleagues and educate the public about cryptocurrencies, the dangers they pose to our national security, and consumers who have been deceived by cryptocurrencies. and
Last week, Senator Pat Toomey said in his opening remarks at a Senate hearing on FTX that the impact of cryptocurrency exchanges justifies banning or “suspending” cryptocurrencies. I explained that it was nothing. “Some of my colleagues have suggested suspending cryptocurrencies before dealing with them. We can’t stop cryptocurrencies unless we enact them, and even if we tried, the technology would simply move offshore,” he warned. Image Credits: Shutterstock, Pixabay, Wiki Commons
