US Banking Senate Sherrod Brown suggests crypto ban

Sherrod Brown suggested CFTC & SEC agencies consider the crypto ban option to reduce the risk associated with cryptocurrencies. 

The United States Securities & Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) are two major financial market regulatory bodies in the US and these two agencies regulate the crypto assets market under their existing traditional financial jurisdiction systems. In particular, the SEC agency is known as a strict regulatory body over the crypto sector. 

On 18 Dec, The United States Banking Committee chairman Sherrod Brown appeared on NBC’s “Meet the Press”. In the “Meet the Press”, Brown suggested to CFTC & SEC agencies to consider crypto-ban ideas to prohibit the risks associated with cryptocurrencies’ use. 

Brown stated:

“We want to make them to do what they need to do at the same time, maybe banning it, although banning it is very difficult because it would go offshore, and who knows how that would work.”

The statement passed by Brown is showing that he also believes that it will not be easy to ban cryptocurrencies because of the decentralised nature of cryptocurrencies. 

Ohio representative also said that for 18 months, he continuously educated people & his colleagues about the danger associated with cryptocurrencies like money laundering, terrorist funding, human trafficking, and financial stability risks.

Brown also disclosed that he already asked many US government agencies to take action on the crypto sector. In particular, he noted that the SEC is doing well to impose ban-like pressure on the crypto sector. 

It seems that Brown started to show a very strict & negative stance toward the crypto sector since the collapse of the FTX crypto exchange, which filed for bankruptcy in a US district court on 12 November. 

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