Sherrod Brown told Cointelegraph that over the last 18 months, he has been “educating” the public and his colleagues about the uncertainty associated with cryptocurrencies.
According to Cointelegraph, United States Banking Committee Chairman Sherrod Brown has suggested that a cryptocurrency ban be considered by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
“We want them to take the necessary action simultaneously, such as maybe outlawing it, even though doing so would be challenging given that it would likely go offshore. I requested a government-wide examination from all the major regulatory agencies when I visited the Treasury and the Secretary [….]
According to Cointelegraph, Brown said that during the previous 18 months, he had been “educating” the public and his colleagues about the risks associated with cryptocurrencies and the need for appropriate action. In support of his position on cryptocurrency prohibition, Brown emphasized the ramifications around the collapse of FTX and said that it “is only one major element of this problem.”
Brown emphasized that cryptocurrencies are “hazardous” and a “threat to national security” based on information from Cointelegraph, citing concerns including the funding of terrorism, drug trafficking, human trafficking, and cybercrime in North Korea as examples of issues that have been made worse. Brown emphasized an “all-of-government” approach to the industry’s rules in a statement dated November 30, 2022. On December 13, 2022, Brown commended the US Department of Justice’s criminal charges against Sam Bankman-Fried, the former CEO of FTX.
Additionally, Tom Emmer, a senator, stated that FTX’s collapse should be seen as a failure brought on by centralized parties on November 23, 2022, according to Cointelegraph.
