U.S. will discuss banning cryptocurrencies
2022.12.19 01:26
U.S. will discuss banning cryptocurrencies
Budrigannews.com – Sherrod Brown, chairman of the United States Banking Committee, has proposed that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) might want to think about banning cryptocurrencies.
Brown made the remarks on NBC’s “Meet the Press” on December 18. However, the senator quickly added that it would be difficult to enforce a ban:
“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.”
Brown stated that he shares the “same thought” when asked about Senator Jon Tester’s belief that cryptocurrencies should be banned.
The Ohio representative stated that he has been “educating” his colleagues and the general public about the risks posed by cryptocurrencies over the past 18 months, calling for prompt and aggressive action to be taken.
“I’ve proactively gone to the Depository and the Secretary and requested an administration wide evaluation through every one of the different administrative organizations [….] The SEC has been especially forceful, and we really want to push ahead like that and authoritatively assuming it ends up like that,” he added.
Brown said that the shocking collapse of FTX is one reason why a ban might be worth thinking about, but he also said that it “is only one huge part of this problem.”
He argued that cryptocurrencies pose a “threat to national security” and are “dangerous.” As examples of the issues they have exacerbated, he cited North Korean cybercrime, drug trafficking, human trafficking, and the financing of terrorism.
For more than a year, the chairman of the Banking Committee has expressed his skepticism regarding cryptocurrencies, most recently expressing concerns regarding the issuance of stablecoins and cryptocurrency advertising and marketing campaigns.
Brown issued a statement on November 30 calling for the industry to be regulated through an “all-of-government” approach, and on December 13, he praised the U.S. Department of Justice for bringing criminal charges against former FTX CEO Sam Bankman-Fried, who is awaiting extradition to the United States from the Bahamas.
I applaud the @TheJusticeDept and the Bahamian authorities for holding Sam Bankman-Fried accountable.
The @SenateBanking and Housing Committee will continue working to uncover crypto’s risks to consumers, our financial system, and our national security. https://t.co/dsSJ09PzYx
— Sherrod Brown (@SenSherrodBrown) December 13, 2022
Senator Brown’s colleagues do not appear to share his opinions.
On November 23, Senator Tom Emmer stated that centralized actors were to blame for FTX’s demise rather than a “crypto failure.”
Emmer is also of the opinion that excessive regulation would stifle industry innovation in the United States and result in the country losing its position of global market dominance, which many people believe is already happening.
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It ought to likewise be noticed that the approaching executive of the House Panel on Monetary Assistance, Patrick McHenry, is favorable to crypto. He called for crypto tax changes to be delayed this week to get more information about the original, “poorly drafted” tax provision.
