Prohibition of cryptocurrencies in the United States: this senator is working on it

Prohibition of cryptocurrencies in the United States: this senator is working on it

Proscribe or tame – US Senator Sherrod Brown is among the staunch opponents of cryptocurrencies. He is working for a ban on the latter in the United States, or failing that, for a regulations industry strict.

Prohibiting cryptocurrencies in the United States: between dream and stakes

During his December 18 appearance on NBC’s “Meet the Press” program, US Senator Sherrod Brown suggested that the SEC and the CFTC should eventually look into a cryptocurrency ban.

Meet the Press of December 18, 2022 – Source: NBC News YouTube video

Although he suggested this extreme measure, the senator who also chairs the United States Banking Commission still qualified his remarks. Sherrod Brown is aware that by banning cryptocurrencies, ” it would go abroadand who knows how that would work”.

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Senator Sherrod Brown on a crusade against cryptocurrencies

Although he is therefore aware of the dangers of a cryptocurrency ban in the United States, Sherrod Brown has done his homework in the hope of being able to put such a restriction in place. During the last 18 months, the senator would have ” educated » his colleagues, as well as the public, on the danger of cryptocurrencies.

He also reportedly asked the Secretary of the Treasury, “a government-wide assessment” through all the regulatory agencies. The senator advocates the aggressive approach of the SEC towards the crypto industry.

During his intervention at NBC, Sherrod Brown did not fail to cite the collapse of FTX to justify this banishment of cryptocurrencies. Nevertheless, the bankruptcy of the crypto exchange would only be “part of the problem”. The senator called cryptocurrencies “ dangerous ” and of ” threat to national security “.

To support his remarks, he did not fail to highlight the use of cryptocurrencies by North Korean hackers, drug traffickers, criminals involved in human trafficking, or terrorists.

If we can’t ban them, we must put irons on their feet

Sherrod Brown’s speech comes as no surprise, given his (more than) critical view of cryptocurrencies for over a year. He is also not the only American politician to want this ban on Bitcoin (BTC) and his cadets. Sherrod Brown shares “the same thought” of Senator Jon Tester on this subject.

And in the absence of a ban on cryptocurrencies, he wants to see a strict supervision of the sector. On November 30 this year, he issued a statement promoting an approach “ parastatal » of the regulation of the sector.

Sherrod Brown will therefore probably welcome a possible court decision in favor of the SEC, in the legal battle between the agency and Ripple Labs. In the meantime, he praised the US Department of Justice for indicting FTX founder Sam Bankman-Fried.

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