US Lawmaker Suggests ‘Perhaps’ Crypto Ought to Be Banned Citing Larger Points Than FTX

A U.S. senator has advised that cryptocurrency ought to “perhaps” be banned following the collapse of crypto change FTX. Nevertheless, he acknowledged that banning crypto “may be very troublesome as a result of it’ll go offshore and who is aware of how that can work.”

Senator Sherrod Brown Suggests Banning Crypto

U.S. Senator Sherrod Brown (D-Ohio), the chairman of the Senate Banking, Housing, and City Affairs Committee, talked about cryptocurrency in an interview with NBC Sunday.

He said that the Treasury Division and all of the completely different regulatory companies, together with the U.S. Securities and Trade Fee (SEC) and the Commodity Futures Buying and selling Fee (CFTC), must get collectively and assess any attainable motion associated to the cryptocurrency market. Referring to the SEC and CFTC, the senator stated:

We would like them to do what they should do. On the similar time, perhaps banning it, though banning it is rather troublesome as a result of it’ll go offshore and who is aware of how that can work.

Final week, the Senate Banking, Housing, and City Affairs Committee held a hearing on the collapse of cryptocurrency change FTX. The Home Monetary Providers Committee additionally held a separate listening to on FTX a day prior.

FTX filed for bankruptcy on Nov. 11 and its former CEO Sam Bankman-Fried (SBF) has been arrested and is now in jail within the Bahamas. He and his crypto agency are going through a number of fraud charges introduced in opposition to them by the U.S. authorities and regulators. The U.S. is searching for Bankman-Fried’s extradition. Nevertheless, SBF advised the Bahamas court docket Monday that he’ll decide solely after he has seen all of the indictments in opposition to him.

Senator Brown on Crypto Regulation

The senator from Ohio additionally stated Sunday that the cryptocurrency market is a “difficult, unregulated pot of cash” and the difficulty was a lot bigger than FTX. “So we’ve obtained to do that proper,” he careworn.

“I’ve spent a lot of the final eight years and a half on this job as chair of the Banking, Housing, and City Affairs Committee,” Brown continued, elaborating:

Educating my colleagues and making an attempt to coach the general public about crypto and the risks that it presents to our safety as a nation and the customers that get hoodwinked by them.

Final week, Senator Pat Toomey explained in his opening remarks on the Senate listening to on FTX that the crypto change’s fallout doesn’t justify banning or “pausing” crypto. “A few of my colleagues have advised pausing cryptocurrencies earlier than we are able to tackle it. That is profoundly misguided, to not point out unattainable. In need of enacting draconian, authoritarian insurance policies, cryptocurrency can’t be stopped. If we tried, the know-how would merely migrate offshore,” he warned.

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