During a recent appearance on NBC’s “Meet the Press,” Sen. Sherrod Brown (D-Ohio), the head of the Senate Committee on Banking, Housing, and Urban Affairs, said that banning cryptocurrencies might be on the table.
However, he acknowledged that completely prohibiting cryptocurrencies would be challenging. “Maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work,” the lawmaker said.
Tomiwabold OlajideThe Ohio senator has stressed that crypto is a threat to national security.
In late November, Brown urged Treasury Secretary Janet Yellen to help rein in cryptocurrency companies following the implosion of the FTX exchange that sent shockwaves across the cryptocurrency industry and beyond.
Back in 2014, Sen. Joe Manchin (D-WV) wrote a letter to federal regulators, demanding a blanket Bitcoin ban following the collapse of Mt. Gox, which was the biggest cryptocurrency exchange in the world back then.
However, even harsh cryptocurrency critics admit that the industry has now become too powerful. As reported by U.Today, Rep. Brad Sherman (D-CA) recently said that the government refrained from prohibiting Bitcoin in its early days, but crypto promoters are now spending too much money on lobbying efforts for this to happen.
It is possible for governments to ban or restrict the use of cryptocurrencies, as some countries have done. Each country has a different approach to crypto based on its own financial and regulatory policies, but in general, governments may impose various restrictions when it comes to regulations. Additionally, some countries may take additional steps such as banning cryptocurrency exchanges.
Alex DovbnyaDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov