Chairman of the US Banking Committee Answers the Question “Will Bitcoin and Cryptocurrencies Be Banned”!

Senator Sherrod Brown said on Sunday, last month cryptocurrency He said federal agencies should address and “maybe” ban the crypto market after the massive collapse of FTX.

Senator Sherrod Brown Says Cryptocurrency Market Maybe Should Be Banned

Brown, chairman of the Senate Committee on Banking, Housing and Urban Affairs, told NBC’s “Meet the Press” moderator Chuck Todd that the Treasury Department and “all different institutions” should get together to consider possible actions on the cryptocurrency market.

“Maybe banning these, but banning them is very difficult because it’s going to go offshore and nobody knows how that will work out,” Brown said.

US after the crypto market crash in November bitcoin exchange seeks the extradition of FTX founder Sam Bankman-Fried.

Federal officials accuse Bankman-Fried of using client funds to finance a luxury lifestyle and investing in a trading company called Alameda Research.

The collapse of FTX has alarmed regulators and frightened investors, again raising concerns about the future of the digital currency market.

Last week, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on the collapse of FTX, while the House of Representatives Financial Services Committee held a separate session.

Brown said on Sunday that the crypto market is a “complex, unregulated pool of money” and that the problem is much bigger than FTX.

“So we have to get it right,” the senator said, adding that he has spoken to the Treasury Department to make an assessment on the matter among regulatory agencies.

Brown concluded his speech by saying:

“I have spent most of the last eight and a half years as Chairman of the Banking, Housing and Urban Affairs Committee. I have trained my colleagues and tried to educate the public about crypto and the dangers it poses to our security as a nation and to consumers being duped by them.”

*Not investment advice.