Crypto

Crypto ban could be on the table in the US, says senator

Alex Dovbnya

Chairman of the Senate Banking, Housing, and Urban Affairs Committee did not rule out a cryptocurrency ban

During a recent appearance on NBC’s “Meet the Press,” Sen. Sherrod Brown (D-Ohio), chairman of the Senate Banking, Housing, and Urban Affairs Committee, said that banning cryptocurrencies might be on the table.

However, he acknowledged that banning cryptocurrencies altogether would be difficult. “Maybe ban it, although banning it is very difficult because it will go abroad and who knows how it will work,” the lawmaker said.

The Ohio senator pointed out that crypto is a national security threat.

In late November, Brown urged Treasury Secretary Janet Yellen to help rein in cryptocurrency companies following the implosion of the FTX exchange that sent shockwaves through the cryptocurrency industry and the world. -of the.

In 2014, Senator Joe Manchin (D-WV) wrote a letter to federal regulators, demanding a blanket ban on Bitcoin after the collapse of Mt. Gox, which at the time was the largest cryptocurrency exchange in the world.

However, even harsh cryptocurrency critics admit that the industry has now become too powerful. As reported by U.TodayRep. Brad Sherman (D-CA) recently said the government refrained from banning Bitcoin in its early days, but crypto proponents are now spending too much money on lobbying efforts to make that happen.

It is possible for governments to ban or restrict the use of cryptocurrencies, as some countries have done. Each country has a different approach to crypto based on its own financial and regulatory policies, but in general governments can impose various regulatory restrictions. Additionally, some countries may take additional measures such as banning cryptocurrency exchanges.

Last year, Federal Reserve Chairman Jerome Powell said that he had no intention of banning or limiting cryptocurrencies.

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