Sherrod Brown, Chairman of the US Senate Banking Committee, thinks that cryptocurrencies can “collapse the financial system”.
Brown, in his speech at the session held with the participation of banking regulators in the USA, “This year, we witnessed a total loss of $2 trillion in value from cryptocurrencies. The resemblance of this to other financial crises we’ve seen throughout our history is alarming.” he began.
The Chairman of the Banking Committee explained that he is skeptical of the cryptocurrency market as follows:
“We see that cryptocurrencies are used for speculation, fraud, fraud, violation of sanctions, theft. Hundreds of different speculative cryptocurrencies it benefits nothing. Many people (with whom I work) have warned of this issue. The last thing we need is for new high-risk financial products to crash our financial system. I would like to thank those on this panel for their skepticism towards cryptocurrencies.”
Senator Pat Toomey, responding to Brown’s statements, The problem isn’t with the cryptocurrencies themselves.peoples how he uses these cryptocurrencies noted that.
Toomey, after Brown’s remarks, “There has been a perception that (cryptocurrencies) can crash our financial system. The root of the problem is not what kind of assets FTX has, but what people do with those assets.” said.