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Crypto Should Be Banned… Maybe, Says Senator: FTX Is Just One Problem Among Many – Bitcoin (BTC/USD)

the United States Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should consider banning cryptocurrencies, says Sherrod BrownPresident of United States Banking Committee.

“We want them to do what they have to do at the same time, maybe ban it, although banning it is very difficult because it would go overseas, and who knows how that would work,” said- he said during a appearance on NBC’s “Meet the Press” on December 18.

Senator Jon Tester also think of cryptocurrencies – such as Bitcoin BTC/USD – should be banned.

Read also : Grayscale Could Return 20% Of Investors’ Capital If SEC Rejects Spot Bitcoin ETF: Report

Brown, a Democrat from Ohio, has “educated” his colleagues and the general public about the risks associated with cryptocurrencies while urging swift and decisive action, he explained.

“I’ve already gone to the Treasury and the secretary and asked for a government-wide assessment through all the different regulatory agencies,” he said. “The SEC has been particularly aggressive, and we need to move forward on that and legislatively if it comes down to it.”

brown used the collapse of FTX to illustrate why a ban might be worthwhile, but he also noted that “it’s only a significant part of this problem.”

Cryptocurrencies are ‘dangerous’ and a ‘threat to national security’, he said, citing North Korean cybercrimedrug and human trafficking and the financing of terrorism.

Brown recently raised issues with stablecoin issuance, cryptocurrency advertising, and marketing activities. He favors a “whole of government” strategy to oversee the company.

On December 13, he praised the US Department of Justice to recharge Sam Bankman Friedthe former CEO of FTX, who is currently detained at the Bahamas awaiting extradition.

Read more : Analyst Warns Ethereum Could Fall 65% From Current Level, Why He Sees More Downside

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