United States Banking Committee chairman Sherrod Brown has advised that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) ought to maybe think about a ban on cryptocurrencies.
Brown’s feedback had been made throughout a Dec. 18 look on NBC’s “Meet the Press,” though the senator rapidly added {that a} ban could be tough to implement:
“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.”
In response to a number’s earlier query about Senator Jon Tester, who believes cryptocurrencies needs to be banned, Brown mentioned thathe shares the “same thought.”
The Ohio consultant saidthat during the last 18 months he has been “educating” his colleagues and the general public on the hazards of cryptocurrencies, calling for imminent and aggressive motion to be taken.
“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,” he added.
Brown cited FTX’s shock collapse for example of why a ban could also be value contemplating however added it “is only one huge part of this problem.”
He argued cryptocurrencies are “dangerous” and a “threat to national security,” citing North Korean cybercriminal exercise, drug trafficking, human trafficking and the financing of terrorism as some of the issues they’ve exacerbated.
The Banking Committee chairman has expressed his skepticism towards crypto for over a 12 months now, having most not too long ago voiced considerations on the issues of stablecoin issuance in addition to cryptocurrency promoting and advertising campaigns.
Brown launched a Nov. 30 assertion calling for an “all-of-government” method to control the business and on Dec. 13 applauded the U.S. Department of Justice for submitting prison prices in opposition to former FTX CEO Sam Bankman-Fried, who’s at the moment behind bars within the Bahamas awaiting extradition to the U.S.
I applaud the @TheJusticeDept and the Bahamian authorities for holding Sam Bankman-Fried accountable.
The @SenateBanking and Housing Committee will proceed working to uncover crypto’s dangers to customers, our monetary system, and our nationwide safety. https://t.co/dsSJ09PzYx
— Sherrod Brown (@SenSherrodBrown) December 13, 2022
Related: US senator: There’s ‘no motive why’ crypto ought to exist
Not all of Senator Brown’s friends appear to share his ideas.
Senator Tom Emmer acknowledged on Nov. 23 that FTX’s fall wasn’t a “crypto failure” however fairly a failure attributable to centralized actors.
Emmer additionally holds the view that crippling regulation would stifle business innovation within the U.S., inflicting it to lose its place of international market dominance — one thing that many imagine to be already unfolding.
It also needs to be famous that the incoming chairman of the House Committee on Financial Service, Patrick McHenry, is pro-crypto. This week he known as for a delay on crypto tax modifications in an effort to search extra clarification on the unique, “poorly drafted” tax provision.
