Regulation

US Senate Banking Chairman Says Banning Cryptocurrencies Is Very Difficult: Report

US Senator Sherrod Brown reportedly says banning cryptocurrencies is “very troublesome” after presiding over a listening to on the collapse of FTX.

In an interview with NBC’s Meet the Press host Chuck Todd, the chair of the U.S. Senate Banking Committee is pushing for extra laws on the cryptocurrency market and has not dominated out backing an outright ban.

Nevertheless, Brown acknowledges such an absolute prohibition will not be attainable.

“Perhaps banning it, though banning it is extremely troublesome as a result of it can go offshore and who is aware of how that can work.”

Brown, who held the FTX listening to on December 14th, calls the cryptocurrency market a “difficult, unregulated pot of cash.”

Says Brown,

“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, educating my colleagues and attempting to coach the general public about crypto and the risks that it presents to our safety as a nation and the customers that get hoodwinked by them.”

Brown says the problems round crypto are bigger than simply FTX.

In a letter launched final month, Brown requested US Treasury Secretary Janet Yellen to convene with different regulators on “the event of laws that will create authorities for regulators to have visibility into, and in any other case supervise, the actions of the associates and subsidiaries of crypto asset entities.”

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