© Reuters
Investing.com – Malfunctions in the crypto sector are so severe that they have led to the collapse of several high-profile projects this year. This in turn drives up calls from crypto opponents for a ban.
U.S. Senate Banking Committee Chairman Senator Sherrod Brown also pleaded on NBC for the two regulators, the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to consider a ban.
According to Brown, the collapse of the FTX proves that a ban must be thematized. For months, the senator has already been working to inform about the dangers of cryptocurrencies:
“I have already contacted the Ministry of Finance and the Minister and asked for a government-wide assessment by all the different regulators [….]. The SEC has been particularly active. We must move forward on this path and on the path of legislation”.
As Brown tries to win more support for declaring the United States a crypto-free zone, there are also influential advocates.
One of them is Senator Tom Emmer. He doesn’t see FTX’s downfall as proof that the entire crypto industry should be banned. Rather, he pledges that regulatory efforts will ensure that the United States remains supportive of innovation in this area.
By Marco Oehrl