The chairman of the US Banking Committee, Democratic Senator from Ohio Sherrod Brown, suggested recently that the Securities Exchange Commission (SEC) should consider a ban of cryptocurrencies when speaking to a news show on NBC. He indicated last month’s FTX collapse as a catalyst of why a ban should be considered, adding also that it “is only one huge part of the problem.” However, he also stated that it would be a difficult decision to enforce, as there would be alternatives where crypto would still be traded.
Among other reasons for his call to ban them, the Senator cited cybercriminal activity and the financing of terrorism as some of the issues that crypto have exacerbated, even though foreign terrorism not funded by US individuals or entities would still be able to benefit from crypto if they were banned in the US, making some aspects of his proposal obsolete.
Senator Brown has long been a vocal opponent of crypto in the US Senate, previously stating his concern around stablecoins following the TerraUSD collapse and crypto advertising in the US, which didn’t stop one of the country’s most famous sporting venues, Staples Center, to be renamed Crypto.com Arena last year.
There are also exponents in the US Congress that have a more favorable look at cryptocurrencies, mostly on the Republican side. For example, Rep. Tom Emmer of Indiana views harsh crypto regulations in the country as a measure that would stifle industry innovation.
