US Senator Sherrod Brown believes that crypto should be banned.
Sherrod Brown, the United States Banking Committee chairman and the senior United States Senator from Ohio, has offered the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC) to consider banning crypto.
The senator revealed his approach on the TV show, dubbed “Meet the Press,” broadcasted on NBC on December 18th.
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The US senator revealed his stance on crypto when asked what he thinks about Senator Jon Tester’s belief that crypto must be banned. Brown claimed that he agreed with such an approach. However, while stating that banning crypto is worth considering, Brown added that it is quite a difficult task.
We want them to do what they need to do at the same time, maybe banning it, although banning it is very difficult because it would go offshore, and who knows how that would work.
Brown revealed that he took the last 18 months to educate his colleagues and the public about the dangers of cryptocurrencies and to call for an aggressive stance towards digital assets.
I’ve already gone to the Treasury and the Secretary and asked for a government-wide assessment through all the various regulatory agencies <...> The SEC has been particularly aggressive, and we need to move forward that way and legislatively if it comes to that.
When talking about dangers, Brown claimed that cryptocurrencies are a “threat to national security.” He believes that digital assets increase the risks of financing terrorism, human trafficking, drug trafficking and illegal cyber activity, including the ones of the North Korean Lazarus group.
Nevertheless, Brown claims that the FTX's collapse is also a part of the reason why regulators should consider banning crypto.
On December 13th, Sherrod Brown used Twitter to “applaud” the US Department of Justice for filing criminal charges against former FTX CEO Sam Bankman-Fried. Following the accusations, on December 12th, Bankman-Fried was arrested by the Bahamas Royal Police.
