{"id":71765,"date":"2022-12-21T15:24:44","date_gmt":"2022-12-21T13:24:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71765"},"modified":"2025-09-08T10:58:57","modified_gmt":"2025-09-08T07:58:57","slug":"u-s-senator-questions-need-for-a-ban-on-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/u-s-senator-questions-need-for-a-ban-on-cryptocurrencies\/","title":{"rendered":"U.S. Senator questions need for a ban on cryptocurrencies"},"content":{"rendered":"<p>The cryptocurrency industry needs stricter rules, but there is little point in advocating a blanket ban in this matter, said Tina Smith, a U.S. Senator from Minnesota, on NBC.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.nbcnews.com\/news\/embedded-video\/mmvo158256709759\" scrolling=\"no\" allowfullscreen=\"\" width=\"560\" height=\"315\" frameborder=\"0\"><\/iframe><\/p>\n<p>Commenting on the <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">collapse of FTX<\/a>, Smith noted that about 40 million Americans have some investments in digital assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;So saying that we are simply going to end this, I don&#8217;t quite understand how that would work,&#8221; she explained.<\/p>\n<\/blockquote>\n<p>Smith, together with Democratic colleagues, led a campaign calling for tougher regulation. When asked whether cryptocurrencies should be treated as a commodity, she cited consumer protection as the real issue and urged the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> to use its experience.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We know how to protect consumers in this country from dubious financial deals and from unethical players, such as, apparently, FTX [&#8230;]. I am not saying that the Commodity Futures Trading Commission [CFTC] does not play an important role. But I think the problem lies in how to ensure that there are basic consumer-protection safeguards so that people are not robbed,&#8221; she explained.<\/p>\n<\/blockquote>\n<p>In December, the chair of the Senate Banking Committee, Sherrod Brown, suggested that regulators should consider the <a href=\"https:\/\/u1f987.com\/en\/news\/us-senate-weighs-possible-ban-on-cryptocurrencies\">question of banning cryptocurrencies<\/a>. He also acknowledged the difficulty of implementing such a scenario.<\/p>\n<p>Earlier, Senators Elizabeth Warren and Roger W. Marshall <a href=\"https:\/\/u1f987.com\/en\/news\/us-senate-introduces-bill-to-tighten-crypto-regulation\">introduced a bill<\/a> to tighten anti-money-laundering measures involving cryptocurrencies. The document also calls for expanding the powers of the SEC and CFTC.<\/p>\n<p>In November, Warren <a href=\"https:\/\/u1f987.com\/en\/news\/elizabeth-warren-calls-for-tougher-crypto-regulation-community-responds-with-criticism\">called for tighter regulation<\/a> of cryptocurrencies, drawing parallels between FTX and Lehman Brothers.<\/p>\n<p>Follow Bitcoin news ForkLog in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency industry needs stricter rules, but there is little point in advocating a blanket ban. This was the view expressed by Tina Smith, a U.S. Senator from Minnesota, on NBC.<\/p>\n","protected":false},"author":1,"featured_media":71766,"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":[1138,36,26],"class_list":["post-71765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71765","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=71765"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71765\/revisions"}],"predecessor-version":[{"id":71767,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71765\/revisions\/71767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71766"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}