Senate banking chairman says ‘maybe’ to cryptocurrency ban

Sen. Sherrod Brown (D-Ohio) on Sunday stated federal companies want to deal with the cryptocurrency market and “perhaps” ban it after the high-profile collapse of cryptocurrency market FTX final month.

Brown, the chairman of the Senate Banking, Housing, and City Affairs Committee, advised NBC’s “Meet the Press” moderator Chuck Todd that the Treasury Division and “all of the completely different companies” have to get collectively and assess any attainable motion associated to the cryptocurrency market.

“Possibly banning it, though banning it is vitally troublesome as a result of it should go offshore and who is aware of how that can work,” Brown stated.

The U.S. is looking for the extradition of FTX founder Sam Bankman-Fried after the collapse of his cryptocurrency market in November.

Federal authorities charged Bankman-Fried with taking buyer funds and utilizing it to fund a lavish life-style and investments in his buying and selling agency Alameda Analysis.

The collapse of FTX alarmed regulatory companies and spooked traders, elevating renewed fears about the way forward for the digital foreign money market.

Final week, the Senate Banking, Housing, and City Affairs Committee held a listening to on the collapse of FTX together with a separate listening to by the Home Monetary Companies Committee.

Brown on Sunday stated the cryptocurrency market is a “difficult, unregulated pot of cash” and the problem was a lot bigger than FTX.

“So we’ve acquired to do that proper,” the senator stated, including that he has talked to the Treasury Division to do a associated evaluation throughout regulatory companies.

“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 added “educating my colleagues and making an attempt to teach the general public about crypto and the risks that it presents to our safety as a nation and the shoppers that get hoodwinked by them.”