Sherrod Brown, chairman, United States Banking Committee, has advised that Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) should consider a ban on cryptocurrencies, as reported by Cointelegraph.
“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. 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,” Brown commented, at an appearance on NBC’s “Meet the Press.”
According to Cointelegraph, Brown stated that in the past 18 months, he has been “educating” his colleagues and public around cryptocurrency-based uncertainties and that action is required to be taken around it. Brown highlighted the implications around FTX’s collapse to back his take on cryptocurrency ban, adding that it “is only one huge part of this problem.”
On the basis of information by Cointelegraph, Brown emphasised that cryptocurrencies are “dangerous” and a “threat to national security,” citing North Korean cybercriminal activity, drug trafficking, human trafficking, terrorism financing, among others, as problems that have been exacerbated. Through a November 30, 2022, statement, Brown focused on an “all-of-government” approach for the industry’s regulations. On December 13, 2022, Brown praised US Department of Justice’s criminal charges filings against Sam Bankman-Fried, former CEO, FTX.
Moreover, Cointelegraph noted that on November 23, 2022, Tom Emmer, senator, said that FTX’s downfall should be viewed as a failure caused by centralised parties.
(With insights from Cointelegraph)
