US Lawmaker Suggests ‘Maybe’ Crypto Should Be Banned Citing Bigger Issues Than FTX

A U.S. legislator has suggested that cryptocurrency should “maybe” beryllium banned pursuing the illness of crypto speech FTX. However, helium acknowledged that banning crypto “is precise hard due to the fact that it volition spell offshore and who knows however that volition work.”

Senator Sherrod Brown Suggests Banning Crypto

U.S. Senator Sherrod Brown (D-Ohio), the president of the Senate Banking, Housing, and Urban Affairs Committee, talked astir cryptocurrency successful an interrogation with NBC Sunday.

He stated that the Treasury Department and each the antithetic regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), request to get unneurotic and measure immoderate imaginable enactment related to the cryptocurrency market. Referring to the SEC and CFTC, the legislator said:

We privation them to bash what they request to do. At the aforesaid time, possibly banning it, though banning it is precise hard due to the fact that it volition spell offshore and who knows however that volition work.

Last week, the Senate Banking, Housing, and Urban Affairs Committee held a hearing connected the illness of cryptocurrency speech FTX. The House Financial Services Committee besides held a abstracted proceeding connected FTX a time prior.

FTX filed for bankruptcy connected Nov. 11 and its erstwhile CEO Sam Bankman-Fried (SBF) has been arrested and is present successful jailhouse successful the Bahamas. He and his crypto steadfast are facing respective fraud charges brought against them by the U.S. authorities and regulators. The U.S. is seeking Bankman-Fried’s extradition. However, SBF told the Bahamas tribunal Monday that helium volition marque a determination lone aft helium has seen each the indictments against him.

Senator Brown connected Crypto Regulation

The legislator from Ohio besides said Sunday that the cryptocurrency marketplace is simply a “complicated, unregulated cookware of money” and the contented was overmuch larger than FTX. “So we’ve got to bash this right,” helium stressed.

“I’ve spent overmuch of the past 8 years and a fractional successful this occupation arsenic seat of the Banking, Housing, and Urban Affairs Committee,” Brown continued, elaborating:

Educating my colleagues and trying to amended the nationalist astir crypto and the dangers that it presents to our information arsenic a federation and the consumers that get hoodwinked by them.

Last week, Senator Pat Toomey explained successful his opening remarks astatine the Senate proceeding connected FTX that the crypto exchange’s fallout does not warrant banning oregon “pausing” crypto. “Some of my colleagues person suggested pausing cryptocurrencies earlier we tin code it. This is profoundly misguided, not to notation impossible. Short of enacting draconian, authoritarian policies, cryptocurrency cannot beryllium stopped. If we tried, the exertion would simply migrate offshore,” helium warned.

What bash you deliberation astir the banning crypto proposition by Senator Sherrod Brown? Let america cognize successful the comments conception below.

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