The collapse of the FTX brought more negative attention to the entire cryptocurrency sector, with some of the government proposing a tougher approach to the market. Claim the presence of major risks, the Senator Sherrod Brown, chairman of the US Senate banking committee, even proposed banning cryptocurrencies for good. Brown’s comments were made during NBC’s annual Meet The Press.
Brown was asked his opinion on another chair, Senator Jon Testerwho recently said he thinks all cryptocurrencies should be banned, Brown replied that he has “the same thought”.
The Ohio representative also said he has spent the past 18 months “educating” his colleagues and the public about the many dangers of cryptocurrencies, continually calling for more aggressive and expeditious action to address these risks.
Sherrod Brown added that his intention is to ban the crypto market, but he knows that this is practically impossible because all transactions would take place outside of US jurisdiction and the market would continue to exist.
“We want them to do what it takes, maybe ban cryptocurrencies, although it will be quite difficult to ban them because it would just come out of the country and who knows how that works,” Brown said during the interview.
Like other politicians, Brown already understood that while he hates the crypto market, not much can be done at the moment without causing a big fuss. Cryptocurrencies would simply adapt to new rules and laws.
Senator continues to fight against crypto market risks
Sherrod also spoke on Twitter about how he plans to expose the risks of the crypto market to consumers precisely in relation to the recent FTX case.
“Applause to the Justice Department and Bahamian authorities for holding Sam Bankman-Fried to account. The House of Representatives and Senate Banking and Housing Democrats Committee will continue to work to address the risks posed by cryptocurrency to consumers, the financial system and reveal our national security.” .”
I applaud the @TheJusticeDept and the Bahamian authorities for holding Sam Bankman-Fried to account.
The @SenateBanking and Housing Committee will continue to work to expose the risks of crypto to consumers, our financial system and our national security. https://t.co/dsSJ09PzYx
— Sherrod Brown (@SenSherrodBrown) December 13, 2022
Fortunately, this is not an opinion shared by all other senators, there are many who support the cryptocurrency market and believe that the FTX case should not be used as ammunition against the industry.
The problem is that with repeated cases like this (just think of Luna right before FTX), confidence in the crypto market eventually wanes and it’s not hard to find those who support ideas like Brown’s.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
