US Senate Banking Committee's Chairman Says 'Maybe' to Banning Cryptocurrency

The U.S. Senate's Banking Committee chairman "said federal agencies need to address the cryptocurrency market and 'maybe' ban it," reports the Hill, "after the high-profile collapse of cryptocurrency market FTX last month."Sen. Sherrod Brown (D-Ohio), told NBC's "Meet the Press" moderator Chuck Todd that the Treasury Department and "all the different agencies" need to get together and assess any possible action related to the cryptocurrency market. "Maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work," Brown said.... Brown on Sunday said the cryptocurrency market is a "complicated, unregulated pot of money" and the issue was much larger than FTX. "So we've got to do this right," the senator said, adding that he has talked to the Treasury Department to do a related assessment across regulatory agencies. "I've spent much of the last eight years and a half in this job as chair of the Banking, Housing, and Urban Affairs Committee," Brown added "educating my colleagues and trying to educate the public about crypto and the dangers that it presents to our security as a nation and the consumers that get hoodwinked by them."

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