Ban Crypto? Why Senate Banking Chief Suggests SEC And CFTC Should Do So

2022-12-19 19:08

Crypto is at the crosshair of a U.S. lawmaker – and it’s not surprising.

Sen. Sherrod Brown, Chairman of United States Banking, Housing, and Urban Affairs Committee, suggested on December 18 that federal agencies including the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) should perhaps consider the idea of banning crypto especially following the sudden collapse of crypto exchange FTX last November.

“Maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work,” The Hill quoted Brown as saying in a report.

Concerns regarding the viability of the digital currency sector were rekindled after FTX’s demise, which scared regulatory agencies and frightened investors.

Brown’s striking pronouncements were made on NBC’s “Meet the Press” but the senator was also quick to add getting rid of crypto is easier said than done.

A Threat To National Security?

Brown also shared his sentiment with that of colleague Sen. Jon Tester who also believes in the banning of digital currencies.

More so, Brown disclosed that in the course of over 18 months he has been relentlessly trying to “educate and convince” his fellow lawmakers on the “dangers” of crypto and that something should be done at the legislative level.

In fact, Brown pointed out that the implosion of FTX is a huge lesson and factor but is only one slice of the massive crypto pie. Further, he demonstrated how bitcoin and its peers can threaten national security such as what is happening in North Korea, the hermit state that is notorious for cybercrimes, and other nefarious activities like terrorism, and human and drug trafficking, to name a few.

I applaud the @TheJusticeDept and the Bahamian authorities for holding Sam Bankman-Fried accountable.

The @SenateBanking and Housing Committee will continue working to uncover crypto’s risks to consumers, our financial system, and our national security. https://t.co/dsSJ09PzYx

— Sherrod Brown (@SenSherrodBrown) December 13, 2022

FTX Downfall Triggers Increased Regulation On Crypto

On November 30, the Ohio representative released a statement that calls for the regulation of the industry and has even expressed strong support for the criminal charges filed by the U.S. Department of Justice against Sam Bankman-Fried, former CEO of FTX.

The former FTX bigwig was charged with theft for taking customers’ money to fund Alameda Research and also his luxurious lifestyle. 

On the other hand, Sen. Tom Emmer has opposed Brown’s statement that the fall of FTX signaled a failure in the bitcoin market.

On Sunday, Brown characterized the digital currency market as a “complicated, unregulated pot of money” and said the problem goes far beyond FTX.

Additionally, Emmer believes that regulations on bitcoin could even negatively impact the U.S. in terms of financial innovation and advancement.

On 11 November, FTX filed for bankruptcy, and Bankman-Fried resigned as CEO. On December 12th, Bahamian authorities apprehended SBF, and they plan to extradite him to the United States.

Meanwhile, Patrick McHenry, the incoming chairman of the House Committee on Financial Service, also happens to support crypto.

In fact, just this week, he paused changes on crypto taxes to allow more time for the clarification of the original tax provision.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto cftc should sec commission banking federal

crypto cftc → Результатов: 126


CFTC Moves To Reassess Risk Management – Could This Mean Big Changes For Crypto?

As the crypto industry continues to grow and mature, regulators are continuously taking steps to ensure that the industry is subject to appropriate oversight and regulation.  The Commodity Futures Trading Commission (CFTC) has published an advanced notice of proposed rulemaking (ANPRM) seeking public comment on potential amendments to the Risk Management Program (RMP) requirements in […]

2023-6-3 23:00


Фото:

CFTC And Its Jurisdiction Over Cryptocurrencies

It was in 2015 that the US Commodity Futures Trading Commission (CFTC) first put its foot down on the unregistered bitcoin options trading platform Coinflip Inc. This event stirred up many debates in the crypto community about the legal nature of bitcoin and other virtual currencies, as well as CFTCs jurisdictional scope in the crypto […] The post CFTC And Its Jurisdiction Over Cryptocurrencies appeared first on Crypto Briefing.

2018-8-19 22:52


CFTC Is Four Years Behind on Crypto Regulation, Chairman Admits

The US Commodity Futures Trading Commission is at least four years behind its peers on crypto regulation, its chairman admitted on July 25. Speaking to the House Committee on Agriculture, Christopher Giancarlo stated that the current regulatory framework restricts it from taking a proactive role in the crypto industry and instead relegates it to dealing […]

2018-7-29 23:00


Фото:

U.S. Regulations Round-Up: CFTC Can’t Keep Pace with Crypto, Libertarian Candidate Accepts Bitcoin Donations

In recent regulatory news, the CFTC chairman has warned that the regulator is falling behind its international counterparts with regards to virtual currency and blockchain regulations; a U. S. Congressional bill is advocating the incorporation of cryptocurrencies into the regulatory mandate of FinCEN; and a candidate of the Wisconsin Libertarian Party is accepting donations in the […] The post U.

2018-7-27 00:15