US Senator wants to ban cryptocurrencies completely

US Senator from Ohio, Chairman of the Senate Committee on Banking and Housing, Sherrod Brown, said that federal agencies should «look at the cryptocurrency market and possibly ban it» after the industry crisis following the FTX bankruptcy. «It may not be easy to ban it (the cryptocurrency industry — ed.). It will be very difficult to do because cryptocurrencies will immediately go offshore and who knows how it will work out in the end,» Brown said.

The politician claims that cryptocurrencies have become a «real threat to national security.» In his accusations, Brown refers to North Korea’s cybercrime activities, drug and human trafficking, terrorist financing, and other problems that have been exacerbated by the industry crisis.

I applaud the @TheJusticeDept and the Bahamian authorities for holding Sam Bankman-Fried accountable.

The @SenateBanking and Housing Committee will continue working to uncover crypto’s risks to consumers, our financial system, and our national security. https://t.co/dsSJ09PzYx

— Sherrod Brown (@SenSherrodBrown) December 13, 2022

The chairman of the Banking Committee has been publicly demonstrating his skepticism about digital assets for more than a year now, recently expressing concern about the issuance of stablecoins, as well as advertising and marketing campaigns used to promote cryptocurrencies. Back on November 30, Brown issued a statement calling for a «whole-of-government approach to regulating the industry,» and on December 13, he praised the actions of the US Department of Justice. The senator was pleased with the department’s charges against former FTX CEO Sam Bankman-Fried, who is currently behind bars in the Bahamas awaiting extradition to the United States.

Last week, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the FTX collapse, along with a separate hearing by the House Financial Services Committee. At the time, Brown said that the cryptocurrency market is «complex, unregulated money» and the problematic field of issues is much larger than the FTX bankruptcy.

While one high-ranking US Senate politician is doing his best to ensure that the cryptocurrency market is subjected to a rigorous audit, others are using cryptocurrency for personal gain. Recently, we told you about a US Republican congressman who was punished for advertising LETSGO meme coins. The politician was fined $ 15,000.