Anti-crypto rhetoric has intensified in the United States. The latest legislator to scoff at the entire ecosystem is Senate Banking Chairman Sherrod Brown who suggested a full-out crypto ban.
Brown is an ardent anti-crypto campaigner, just like his Senate colleague Elizabeth Warren. The pair is actively working to dismantle the entire crypto sector in the United States.
Sherrod Brown is the chairman of the Senate Banking, Housing and Urban Affairs Committee. Over the weekend, he told NBC that the Treasury and all federal agencies should join forces to take action against the crypto sector.
He also suggested banning cryptocurrencies in the country, according to a December 18 report by The Hill.
“Probably banning it, although banning it is very difficult because it will go offshore and who knows how that will work out,”
A crypto ban won’t work
Waving anger at bitcoin and its brethren won’t solve anything, and neither will banning the embryonic asset class. The primary reason why FTX split into two entities was that there is no regulatory framework in the US.
Traders and investors were forced offshore to an unregulated exchange that eventually collapsed. The main priority should be to develop a productive framework to ensure safeguards for crypto investors. Not bringing down the hammer on sanctions as these bankers and senators would like.
Brown remarked that the cryptocurrency market is a “complex, unregulated pot of money,” declaring that the issue was much bigger than FTX.
Like Senator Warren, Brown views crypto as a threat to national security. He also believes that the entire sector is a swindle designed to scam unwitting participants.
Brown said he spent his eight years as Senate banking chairman trying to “educate” his colleagues and:
“Trying to educate the public about crypto and the dangers it presents to our security as a nation and consumers who get duped by them.”
Last week, Elizabeth Warren launched yet another of her attacks against the crypto industry. “Rogue nations, oligarchs and drug lords are using cryptocurrencies to launder billions, evade sanctions and finance terrorism,” he declared.
His proposed crypto bill aims to register blockchain architecture, such as nodes and validators, as “financial institutions”.
crypto market see red
Crypto markets are still consolidating and have been largely inactive over the weekend. Total capitalization fell below $840 billion during the Asian trading session on Monday morning.
As a result, the markets are again falling towards the bottom of their cycle, but yet another panic sell-off is yet to occur.
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