Senator Confirmed: Cryptocurrency Ban is on the Table in the USA!

Senator Confirmed: Cryptocurrency Ban is on the Table in the USA!
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Senator Confirmed: Cryptocurrency Ban is on the Table in the USA!

The collapse and destruction of FTX has made the voices of those who are against the market louder. Previously, regulatory invitations for the cryptocurrency market were at the forefront. Now there are speeches in which the word ‘forbidden’ is used.

“Cryptocurrency ban is also on the table in the USA!”

The crypto market is having more difficult days than ever before. The eventful bankruptcy of a number of high-profile crypto companies, the last of which is FTX, complicates matters even more. In the aftermath of these collapses, the invitations to regulate for the market increased. However, banning did not come to the fore too much in the middle of the options, although it was voiced. Senator Sherrod Brown (D-Ohio), leader of the Senate Committee on Banking, Housing and Urban Affairs, said on NBC’s ‘Meet the Press’ program, which he attended, banning cryptocurrencies may be on the table.

However, the Senator acknowledged that it would not be easy to ban cryptocurrencies altogether. Sherrod Brown used the following terms in his statement:

Maybe it should be banned! However, banning is very difficult. Because it will be off-shore. Therefore, no one knows whether the ban will work or not.

Senator Confirmed: Cryptocurrency Ban is on the Table in the USA!

Hard to ban, but increasing invitations to regulate the market

Ohio Senator Sherrod Brown also stressed that crypto is a threat to national security. In late November, Brown called on Treasury Secretary Janet Yellen to help rein in crypto companies in the wake of the explosion of the FTX exchange, which sent shock waves across the crypto industry and beyond. After the collapse of Mt Gox, the world’s largest cryptocurrency exchange, in 2014, Senator Joe Manchin (D-WV) wrote a letter to federal regulators demanding that Bitcoin be banned altogether.

However, even hardcore crypto critics agree that the industry has now become too strong. MP Brad Sherman (D-CA) recently said that the government refrained from banning Bitcoin in its early days, but crypto supporters are now spending too much money on lobbying efforts to make it happen.

In the middle, it is possible for governments to ban or restrict cryptocurrency activities, as some countries have done. For example, the Chinese government has chosen this path. However, each country has a different approach to crypto based on their own financial and regulatory policies. In general, however, governments agree on regulating the crypto space. Therefore, it is possible to impose various restrictions. In addition, it is possible that some countries will take additional steps to ban crypto exchanges. In the midst of this, Federal Reserve Leader Jerome Powell said last year that they have no intention of banning or limiting cryptocurrencies.

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