Sherrod Brown, the head of the United States Banking Committee or US Senate, has <a href="https://www.youtube.com/watch?v=gzqJahHvhsY&amp;list=PL0tDb4jw6kPzzvIBrLUGHUkVkj3oIz-eY&amp;index=2" target="_blank" rel="nofollow noopener">stated</a> that the <a href="https://www.cryptoknowmics.com/news/sec-targets-atlas-trading-founders-for-alleged-twitter-and-discord-scam">Securities Exchange Commission (SEC)</a> and the <a href="https://www.cryptoknowmics.com/news/cftc-proclaims-ether-as-commodity-again-in-court-filing">Commodity Futures Trading Commission (CFTC)</a> might want to take into account outlawing cryptocurrencies. Brown made his remarks on "Meet the Press" on December 18. However, the senator swiftly clarified that enforcing a ban would be challenging.
<h2>US Senate Banking Considering Outlawing Cryptocurrencies</h2>
According to him, the US Senate committee wants them to take the necessary action simultaneously, including maybe outlawing cryptocurrencies, though doing so would be challenging because they would likely move offshore.

Brown claimed he shared a similar view as Senator Jon Tester, who thinks <a href="https://www.cryptoknowmics.com/news/brazilian-law-now-permits-use-of-cryptocurrencies-as-payments">cryptocurrencies</a> should be outlawed, in answer to a host's previous query. The Ohio congressman stated that for the last 18 months, he has been trying to educate his peers and the general public about the risks associated with cryptocurrencies and urging swift and decisive action.
<h2>Illustration of FTX by Ohio</h2>
He stated that he requested a government-wide examination from all the different regulatory agencies when he went to the <a href="https://www.cryptoknowmics.com/news/sushi-proffers-instant-measures-to-protect-its-treasury">Treasury</a> and the Secretary. He must proceed in that manner and, if necessary, through legislation since the SEC has been incredibly active.

Brown used the shocking collapse of <a href="https://www.cryptoknowmics.com/news/cryptoquant-data-indicates-binance-isnt-displaying-ftx-like-behavior">FTX</a> as an illustration of why a ban could be worthwhile, but he also noted that it is only one significant aspect of this situation.
<h2>Crypto - Dangerous and National Security Threat</h2>
He alleged cryptocurrencies are hazardous and a national security threat, listing North Korean cybercrime, drug and human trafficking, and terrorist funding as problems they have made worse.

The head of the Banking Committee has been skeptical about cryptocurrencies for more than a year, most notably, raising issues with <a href="https://www.cryptoknowmics.com/news/bermuda-digital-bank-jewel-issues-fully-backed-stablecoin">stablecoin</a> issuance and <a href="https://www.cryptoknowmics.com/news/australia-prepares-to-regulate-cryptocurrency-service-providers-in-2023">cryptocurrency</a> marketing and promotion activities.

Banking Head of US Senate Indicates Outlawing Cryptocurrencies

The head US Senate has stated that the SEC and the Commodity Futures Trading Commission (CFTC) might want to take into account outlawing cryptocurrencies.

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Banking Head of US Senate Indicates Outlawing Cryptocurrencies

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