2 years ago
Despite suggesting a imaginable ban, U.S. Senator Sherrod Brown stated it would beryllium “very difficult” to instrumentality due to the fact that enactment “would spell offshore.”
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United States Banking Committee president Sherrod Brown has suggested that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should possibly see a prohibition connected cryptocurrencies.
Brown’s comments were made successful a Dec. 18 quality connected NBC’s “Meet the Press” though the Senator rapidly added that a prohibition would beryllium hard to enforce.
“We privation them to bash what they request to bash astatine the aforesaid time, possibly banning it, though banning it is precise hard due to the fact that it would spell offshore, and who knows however that would work.”Earlier, successful effect to a host's question astir Senator Jon Tester who believes cryptocurrencies should beryllium banned, Brown said helium shares the “same thought.”
The Ohio typical stated that implicit the past 18 months helium has been “educating” his colleagues and the nationalist connected the dangers of cryptocurrencies calling for imminent and assertive enactment to beryllium taken.
“I’ve already gone to the Treasury and the Secretary and asked for a government-wide appraisal done each the assorted regulatory agencies [....] The SEC has been peculiarly aggressive, and we request to determination guardant that mode and legislatively if it comes to that,” helium added.
Brown cited FTX’s daze collapse arsenic an illustration of wherefore a prohibition whitethorn beryllium worthy considering but added it “is lone 1 immense portion of this problem.”
He argued cryptocurrencies are “dangerous” and a “threat to nationalist security” citing North Korean cybercriminal activity, cause trafficking, quality trafficking and the financing of coercion arsenic immoderate of the issues exacerbated by cryptocurrencies.
The Banking Committee president has expressed his skepticism towards crypto for implicit a twelvemonth present having astir precocious voiced concerns connected the matters of stablecoin issuance arsenic good arsenic cryptocurrency advertising and selling campaigns.
Brown released a Nov. 30 connection of his ain calling for an “all-of-government” attack to modulate the manufacture and applauded the U.S. Department of Justice connected Dec. 13 for filing transgression charges against erstwhile FTX CEO Sam Bankman-Fried, who’s presently behind bars successful the Bahamas awaiting extradition to the U.S..
I applaud the @TheJusticeDept and the Bahamian authorities for holding Sam Bankman-Fried accountable.
The @SenateBanking and Housing Committee volition proceed moving to uncover crypto's risks to consumers, our fiscal system, and our nationalist security. https://t.co/dsSJ09PzYx
Related: US senator: There's 'no crushed why' crypto should exist
Not each of Senator Brown’s peers look to stock his thoughts.
Senator Tom Emmer stated connected Nov. 23 that FTX’s autumn wasn’t a “crypto failure” but alternatively a nonaccomplishment caused by centralized actors.
Emmer besides holds the presumption that crippling regularisation would stifle manufacture innovation successful the U.S. and suffer its presumption of marketplace dominance successful the satellite — thing that galore believe to beryllium already unfolding.
It should besides beryllium noted that the incoming president of the House Committee connected Financial Service, Patrick McHenry, is pro-crypto. This week helium called for a delay connected crypto taxation changes successful bid to question much clarification connected original, “poorly drafted” taxation provision.
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