US Senate Banking Chair Thinks Of Banning Crypto, Says It Will Be Difficult.
Following the massive collapse and bankruptcy of crypto exchange FTX which left many investors with a big loss, United States Banking Committee chairman Sherrod Brown says regulators should consider banning cryptocurrencies alltogether.
US Senate On The Possibility Of Banning Crypto
During an interview with NBC’s Meet the Press, Brown spoke about the fallout that resulted from the collapse of FTX, explaning that he thinks regulators like the SEC should push for more regulations on cryptocurrencies, potentially even making the extreme approach of banning crypto alltogether.
The senator does acknowledge however, that banning cryptocurrencies would be extremely difficult to enforce.
“We want them to do what they need to do at the same time, maybe banning it, although banning it is very difficult because it would go offshore, and who knows how that would work,” Brown said.
An Issue Larger Than FTX
In the same interview, Senator Brown goes on to talk about further issues surrounding the crypto industry, calling the crypto market a “complicated, unregulated pot of money.”
“I’ve spent much of the last eight years and a half in this job as chair of the Banking, Housing, and Urban Affairs Committee, educating my colleagues and trying to educate the public about crypto and the dangers that it presents to our security as a nation and the consumers that get hoodwinked by them.” Brown says.
When asked about his opinions on Senator Jon Tester’s claims that crypto should be banned, Senator Brown explains that he shares the “same thought” as Tester.
“I’ve already gone to the Treasury and the Secretary and asked for a government-wide assessment through all the various regulatory agencies [….] The SEC has been particularly aggressive, and we need to move forward that way and legislatively if it comes to that.