The US Senate May Need to Ban Cryptocurrencies

Sherrod Brown, chairman of the US Senate Banking Committee, has said that the SEC and the CFTC may need to consider banning cryptocurrencies, although the initiative may not be easy to implement.

According to him:

“We legislators want them regulators to do what they need perhaps by banning them cryptocurrencies. Although such a scenario is extremely difficult, since they digital assets will go offshore, and few can predict what this measure will lead to.”

Brown has this way backed John Tester, who also sits on the banking committee. The legislator stated on December 12 that cryptocurrencies have not passed the “lice test,” and therefore there is no reason for them to exist.

Brown has admitted that over the past 18 months he has been “educating” senators and the public about the “dangers of cryptocurrencies” by calling for immediate and aggressive action.

He has explained:

“I have already reached out to the Treasury and the secretary Janet Yellen and asked for a nationwide assessment through all the various regulators. The SEC has been particularly aggressive. We need to move forward in this way and legislatively, if it comes to that.”