Sherrod Brown, Chairman of the United States Banking Committee, has recommended that the Commodities Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) ought to discuss the issue to boycott cryptocurrency.
What do the Sources Suggest?
Recently, Senator Brown (D-Ohio), appeared at Meet The Press event to discuss cryptocurrencies, immigration and his re-election bid amid increasingly-Republican Ohio, as per NBC News YouTube Channel. He said that “I’ve already gone to the Treasury and the Secretary and asked for a government-wide assessment through all the various regulatory agencies [….] The SEC has been particularly aggressive, and we need to move forward that way and legislatively if it comes to that.”
As on December 13, 2022, Sen. Sherrod posted on Twitter:
As reported by CNBC, Chair. Brown wrote a letter to Treasury Secretary Janet Yellen, to involve recommendations from the Financial Stability Oversight Committee that would cooperate with financial regulators, including the Federal Reserve Board (FRB) and SEC. He told Yellen of bringing rules that “create authorities for regulators to have visibility into, and otherwise supervise, the activities of the affiliates and subsidiaries of crypto asset entities.”
Global Matters and Cryptocurrency
According to The Wall Street Journal, Fed Chairman Jerome Powell said in a press conference that the increase in interest rates of three-fourth percentage at the next official meeting to be held in upcoming months. Previously, he noted that ongoing Russia-Ukraine war led to, for example, hikes in food and energy prices, supporting inflation rise.
As CNN reported, the Senate Banking Committee Head, Mr. Brown thinks that the U.S. is on “right track” to cope with soaring inflation. Following the downfall of Sam Bankman-Fried’s crypto empire FTX, he finally took Congress’ side in saving American crypto investors. The havoc caused by the crypto exchange’s collapse was discussed in a tweet:
As per The Guardians reported, Senator Elizabeth Warren (D-Mass) and Sen. Kansas Roger Marshall (R-Kan) has presented the Digital Asset Anti-Money Laundering Act, in order to crack down money laundering via crypto. The newly introduced Bipartisan legislation will bind all crypto entities to act similarly as corporations and banks.
According to The Washington Post, Mr. Brown accused crypto of being easily influenced by celebrity endorsers and “easy, too easy” for corruption. Sen. Patrick J. Toomey compared the FTX crash to the subprime mortgage crisis 2008. Further, Sen. Tom Emmer said that recent crypto exchange collapse was a defeat caused by centralized actors.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/19/senate-banking-committee-head-sherrod-brown-wants-crypto-to-ban/