{"id":71621,"date":"2022-12-19T12:35:00","date_gmt":"2022-12-19T10:35:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71621"},"modified":"2025-09-08T10:08:15","modified_gmt":"2025-09-08T07:08:15","slug":"us-senate-weighs-possible-ban-on-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-senate-weighs-possible-ban-on-cryptocurrencies\/","title":{"rendered":"US Senate weighs possible ban on cryptocurrencies"},"content":{"rendered":"<p><span data-descr=\"SEC\" class=\"old_tooltip\">SEC<\/span> and <span data-descr=\"CFTC\" class=\"old_tooltip\">CFTC<\/span>, may need to consider a ban on cryptocurrencies, though implementing the measure may prove difficult. Brown, the chairman of the Senate Banking Committee, said this on NBC.<\/p>\n<p><iframe loading=\"lazy\" width=\"1903\" height=\"764\" src=\"https:\/\/www.youtube.com\/embed\/gzqJahHvhsY?list=PL0tDb4jw6kPzzvIBrLUGHUkVkj3oIz-eY\" title=\"Meet The Press Full Broadcast \u2013 Dec. 18\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;We [legislators] want them [the regulators] to do what is necessary [\u2026] perhaps by banning them [cryptocurrencies]. Such a scenario is extremely challenging, since they [digital assets] would move offshore, and few can predict what this measure would lead to,&#8221;<\/em> the senator explained.<\/p>\n<\/blockquote>\n<p>Brown supported Jon Tester, who also sits on the Banking Committee. On December 12, the lawmaker said that cryptocurrencies<a href=\"https:\/\/u1f987.com\/en\/news\/us-senator-says-there-is-no-reason-for-cryptocurrencies-to-exist\"> have not passed &#8216;vetting&#8217;<\/a>, and therefore there is no reason for their existence.<\/p>\n<p>Brown admitted that over the past 18 months he has &#8216;educated&#8217; the senators and the public about the &#8216;risks of cryptocurrencies&#8217;, calling for immediate and aggressive action.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;I have already reached out to the Treasury and to Secretary Janet Yellen and asked for a government-wide assessment across all the various regulatory agencies. [&#8230;]. The SEC has been particularly aggressive. We need to move forward in this way and do so legislatively if and when this comes to pass,&#8221;<\/em> he explained.<\/p>\n<\/blockquote>\n<p>As justification for his position, Brown<a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\"> the FTX collapse<\/a>, adding that this is only &#8216;a huge part of the problem&#8217;.<\/p>\n<p>In his words, cryptocurrencies are &#8216;dangerous&#8217; and pose a &#8216;threat to national security&#8217;. He cited cybercrimes carried out by North Korean hackers, illegal drug trafficking, human trafficking, and the financing of terrorism.<\/p>\n<p>On December 7, Brown<a href=\"https:\/\/u1f987.com\/en\/news\/sam-bankman-fried-ignores-summons-to-u-s-senate-hearings\"> invited<\/a> the founder and former CEO of FTX, Sam Bankman-Fried, to provide written testimony regarding the causes of the exchange&#8217;s bankruptcy, which he ignored.<\/p>\n<p>On December 13, the senator welcomed the DOJ&#8217;s filing of criminal charges against the top executive.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I applaud the <a href=\"https:\/\/twitter.com\/TheJusticeDept?ref_src=twsrc%5Etfw\">@TheJusticeDept<\/a> and the Bahamian authorities for holding Sam Bankman-Fried accountable.<\/p>\n<p>The <a href=\"https:\/\/twitter.com\/SenateBanking?ref_src=twsrc%5Etfw\">@SenateBanking<\/a> and Housing Committee will continue working to uncover crypto\u2019s risks to consumers, our financial system, and our national security. <a href=\"https:\/\/t.co\/dsSJ09PzYx\">https:\/\/t.co\/dsSJ09PzYx<\/a><\/p>\n<p>\u2014 Sherrod Brown (@SenSherrodBrown) <a href=\"https:\/\/twitter.com\/SenSherrodBrown\/status\/1602466348097064962?ref_src=twsrc%5Etfw\">December 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Both chambers of Congress will continue to work to identify crypto-related risks to consumers, the financial system, and national security,&#8221;<\/em> he wrote at the time.<\/p>\n<\/blockquote>\n<p>In November, Senator Elizabeth Warren, a member of the Senate Banking Committee, urged <a href=\"https:\/\/u1f987.com\/en\/news\/elizabeth-warren-calls-for-tougher-crypto-regulation-community-responds-with-criticism\"> to tighten crypto regulation<\/a>, drawing parallels between FTX and Lehman Brothers.<\/p>\n<p>In July, she urged Congress and the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/senator-elizabeth-warren-calls-for-tougher-regulation-of-cryptocurrencies-in-the-united-states\"> to take a tougher stance<\/a> toward the industry amid problems with <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\"> Celsius Network<\/a> and several other companies.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SEC and CFTC may need to consider banning cryptocurrencies, though implementing such a measure could prove difficult. This was stated on NBC by Sherrod Brown, the chair of the Senate Banking Committee.<\/p>\n","protected":false},"author":1,"featured_media":71622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,36,1230],"class_list":["post-71621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-regulation","tag-us-congress"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71621"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71621\/revisions"}],"predecessor-version":[{"id":71623,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71621\/revisions\/71623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71622"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}