US Senate Banking Chair suggests that crypto could be banned

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U.S. Senator Sherrod Brown stated that a ban would be difficult to implement, as activity would be offshore. News Own this piece of crypto history Collect this article as NFTUnited States Banking Committee chairman Sherrod Brown has suggested that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should perhaps consider a ban on cryptocurrencies.Brown’s comments were made in a Dec. 18 appearance on NBC’s “Meet the Press” although the Senator quickly added that a ban would be difficult to enforce. “We want them do what they need to do simultaneously, although banning it would be very difficult because it would go off-shore and who knows how that might work. Brown stated that he shared the same thought as a host who asked about Senator Jon Tester’s belief in cryptocurrencies being banned. “The Ohio representative stated that he has been “educating” his colleagues as well as the public about the dangers of cryptocurrency over the past 18 months. He called for immediate and aggressive action. “I’ve already asked the Treasury and Secretary for a government-wide evaluation through all the regulatory agencies [….]. The SEC has been particularly aggressive and we need to move that way and legislatively, if that comes to that,” he said. Brown cited FTX’s shock collapse as an example, but said it was only one part of the problem. He said that cryptocurrencies are “dangerous” as a threat to national security and that they were “dangerous”. He also cited North Korean cybercriminal activity and drug trafficking as examples of problems exacerbated by cryptocurrencies. https://t.co/dsSJ09PzYx– Sherrod Brown (@SenSherrodBrown) December 13, 2022. https://t.co/dsSJ09PzYx– Sherrod Brown (@SenSherrodBrown) December 13, 2022
Related: US senator: There’s no reason why crypto should exist. Not all Senator Brown’s peers seem like to agree with his views. Senator Tom Emmer stated that FTX’s collapse was not a “crypto failure”, but rather a failure of centralized actors. It should be noted that Patrick McHenry (incoming chairman of House Committee on Financial Service) is pro-crypto. He called for a delay in crypto tax changes to clarify the original, “poorly written” tax provision.