US Senate Member Talks About Cryptocurrencies: ”The FTX Crash Was A Warning To Us!”

Chairman of the U.S. Senate Banking Committee Sherrod Brown, FTX’of the collapse of Congress unregulated cryptocurrency He said it should serve as a warning to address the risks posed by the industry.

US Senate Member Wants to Block Cryptocurrencies

The Ohio Democrat said he and his colleagues are working every day to enforce the new regulations and are working with federal agencies to “block crypto”.

“This is not like we snap our fingers and pass a crypto bill through the Senate and the House,” Brown said on CNN’s “State of the Union” today.

“Half the Senate, Republicans, and a handful of Democrats still think crypto is legitimate and should be an important part of our economy.”

The collapse of Sam Bankman-Fried’s FTX crypto trading empire put further pressure on Congress to create barriers for the industry. US financial watchdogs are also pushing for more oversight.

Rostin Behnam, Chairman of the Commodity Futures Trading Commission, testified at the first congressional surveillance hearing on FTX’s collapse last week.

Here he forced his institution to become the main Bitcoin regulator and oversee crypto exchanges. The Securities and Exchange Commission argues that most crypto tokens are securities that fall under its jurisdiction.

Brown last month urged Treasury Secretary Janet Yellen to work with lawmakers to create crypto legislation to ensure crypto risks “do not spill over into traditional financial markets and institutions.”

Senior US financial officials, including Yellen and Federal Reserve Chairman Jerome Powell, said the government’s ability to regulate crypto assets that are not covered by securities laws is limited.

*Not investment advice.

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