(The Hill) – Sen. Sherrod Brown (D-Ohio) on Sunday stated federal companies want to handle the cryptocurrency market and “possibly” ban it after the high-profile collapse of the cryptocurrency market FTX final month.
Brown, the chairman of the Senate Banking, Housing, and City Affairs Committee, instructed NBC’s “Meet the Press” moderator Chuck Todd that the Treasury Division and “all of the completely different companies” must get collectively and assess any attainable motion associated to the cryptocurrency market.
“Perhaps banning it, though banning it is vitally tough as a result of it can go offshore and who is aware of how that can work,” Brown stated.
The U.S. is searching for the extradition of FTX founder Sam Bankman-Fried after the collapse of his cryptocurrency market in November.
Federal authorities charged Bankman-Fried with taking buyer funds and utilizing it to fund a lavish life-style and investments in his buying and selling agency Alameda Analysis.
The collapse of FTX alarmed regulatory companies and spooked buyers, elevating renewed fears about the way forward for the digital forex market.
Final week, the Senate Banking, Housing, and City Affairs Committee held a listening to on the collapse of FTX together with a separate listening to by the Home Monetary Providers Committee.
Brown on Sunday stated the cryptocurrency market is a “difficult, unregulated pot of cash” and the difficulty was a lot bigger than FTX.
“So we’ve bought to do that proper,” the senator stated, including that he has talked to the Treasury Division to do a associated evaluation throughout regulatory companies.
“I’ve spent a lot of the final eight years and a half on this job as chair of the Banking, Housing, and City Affairs Committee,” Brown added “educating my colleagues and attempting to coach the general public about crypto and the hazards that it presents to our safety as a nation and the shoppers that get hoodwinked by them.”