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Wednesday, February 1, 2023
HomeMarket UpdatesUS Banking Committee chairman suggests banning cryptocurrencies

US Banking Committee chairman suggests banning cryptocurrencies


  • Banking Committee chairman Sherrod Brown made the suggestion throughout an look on NBC’s “Meet the Press.”
  • He nonetheless acknowledged that it could be “very troublesome” to ban crypto since they’d merely “go offshore.”
  • Brown has been calling for imminent and aggressive motion to be taken on crypto for the final 18 months.

Throughout a December 18 look on NBC’s “Meet the Press,” United States Banking Committee chairman Sherrod Brown proposed that the Commodity Futures Buying and selling Fee (CFTC) and the Securities Trade Fee (SEC) ought to presumably take into account a ban on cryptocurrencies.

Brown, who can be the Ohio consultant, was responding to a query about Senator Jon Tester who has beforehand mentioned that cryptocurrencies ought to be banned. Brown nonetheless famous that banning crypto could be troublesome because the enterprise would go offshore if it have been banned within the US. He mentioned:

“We would like them to do what they should do on the similar time, perhaps banning it, though banning it is extremely troublesome as a result of it could go offshore, and who is aware of how that will work.”

Calling for an aggressive motion

Over the past 18 months, the Ohio consultant has been making an attempt to inform his Home colleagues concerning the risks of cryptocurrencies and calling for aggressive motion to be taken.

Brown mentioned:

“I’ve already gone to the Treasury and the Secretary and requested for a government-wide evaluation by all the assorted regulatory businesses. … The SEC has been significantly aggressive, and we have to transfer ahead that manner and legislatively if it involves that.”

The consultant cited the current FTX collapse saying that’s an instance of why a ban could be value contemplating. He additionally argued that cryptocurrencies have been a risk to nationwide safety citing North Korean cybercriminal exercise which have largely use crypto. He additionally cited human trafficking, drug trafficking, and terrorism financing.

See also  4 of the Finest Metaverse Crypto Cash to Purchase For 2023

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