- Brown pointed out FTX’s collapse to illustrate why a ban could be worth thinking about.
- Cryptocurrencies are “dangerous” along with a “threat to national security” according to Brown.
Sherrod Brown, the mind from the U . s . States Banking Committee, propounded the Securities Exchange Commission (SEC) and also the Commodity Futures Buying and selling Commission (CFTC) to embargo Cryptocurrency. He further mentioned the Treasury Department and “all another agencies” should evaluate any potential actions from the Cryptocurrency market. Brown was talking with Chuck Todd, the moderator of NBC’s “Meet the Press.”
Sherrod Brown added:
“Maybe banning it, although banning it’s very difficult since it goes offshore and you never know how which will work”.
Raising Concerns Concerning the Digital Currencies Market
Brown used the shocking collapse of FTX for instance of why a ban might be useful to look at. He claimed cryptocurrencies are “dangerous” along with a “threat to national security.” He listed North Korean cybercriminal activities, drug trafficking, human trafficking, and terrorism financing as types of problems they’ve irritated. Brown continues to be skeptical of cryptocurrency for more than a year, most particularly raising concerns about stablecoin issuance and cryptocurrency marketing and advertising activities.
Brown mentioned on November. 30 promoting to have an “all-of-government” method of industry regulation, as well as on 12 ,. 13 recognized the united states Department of Justice for going after criminal charges against former FTX Chief executive officer Mike Bankman-Fried, who’s presently imprisoned within the Bahamas waiting for extradition towards the US. Controlling physiques and investors were frightened by FTX’s collapse, which reignited concerns about the way forward for digital currency sector.