Senate Banking Committee Chairman Floats Ban on US Cryptocurrencies In the United States, there has been an increase in anti-crypto discourse.
Sherrod Brown, the head of the Senate banking committee, is the most recent legislator to disparage the whole cryptocurrency ecosystem. He has proposed a complete ban on cryptocurrencies.
Brown is an outspoken opponent of cryptocurrency, similar to his Senate colleague Elizabeth Warren. The couple has aggressively worked to eliminate the whole cryptocurrency industry in the United States.
Sherrod Brown serves as chairman of the Senate Committee on Banking, Housing, and Urban Affairs. He told NBC over the weekend that the Treasury and other government agencies should work together to combat the cryptocurrency industry.
According to a Dec. 18 story by The Hill, he went so far as to propose a nationwide ban on cryptocurrencies:
“Perhaps prohibiting it, but prohibiting it is quite tough because it will go offshore and nobody knows how that would function,”
Waving furious fists at Bitcoin and its peers will accomplish nothing, as would outlawing the nascent asset class. Due to the absence of a regulatory framework in the United States, FTX is divided into two organisations.
Traders and investors were compelled to use an unregulated foreign exchange, which finally failed. Developing a productive structure to assure crypto investors’ safety should be the primary objective. As much as these bankers and senators want, the prohibition will not be enforced.
Brown said that the cryptocurrency market is a “complex, uncontrolled pot of money” and that the problem is far greater than FTX.
Senator Brown shares Senator Warren’s assessment that crypto is a danger to national security. He also feels that the whole industry is a fraud aimed to defraud unsuspecting individuals.
Brown said that he had spent most of his eight years as Senate Banking Chair “educating” his colleagues and:
“attempting to educate the public about crypto and the threats it poses to national security and consumers who are duped by it.”
Elizabeth Warren released another rant on the cryptocurrency business last week. She said, “Rogue governments, billionaires, and drug lords are utilizing cryptocurrency to launder billions, escape sanctions, and fund terrorism.”
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