"Crypto coins are dangerous"! U.S. Senate Banking Committee Chairman: "Outright ban" not ruled out
The bankruptcy of FTX has sparked fears that more cryptocurrency companies will fail and calls for greater regulation of cryptocurrencies are growing. In response, Senator Sherrod Brown of Ohio, chairman of the U.S. Senate Banking Committee, said on Sunday that federal agencies need to actively address the cryptocurrency market and even consider "outright banning" cryptocurrencies.
In an interview with NBC on Sunday, Sherrod Brown said that the U.S. Treasury Department needs to work with other regulators to assess any potential actions against the cryptocurrency market and to clarify the direction of regulation.
He also said that a "cryptocurrency ban" is likely to be on the agenda, but acknowledged that a complete ban on cryptocurrencies would be challenging.
It might be possible to ban it, although it would be very difficult to ban it because it would go overseas and who knows how that would work.
Sherrod Brown noted that the cryptocurrency market is a "convoluted, unregulated pool of money" that has much bigger problems than FTX. So let's get this right," the senator said, adding that he has been talking to the Treasury Department and wants to evaluate the regulator.
Sherrod Brown concluded by saying that for the past eight and a half years as chairman of the Senate Banking Committee, he has been educating his colleagues and trying to inform the public about cryptocurrency and the dangers it poses to national security and deluded consumers.