United States Senator Sherrod Brown argued that such a ban would be very difficult to implement because the activity in question would simply move to the high seas.

Sherrod Brown, Chairman of the United States Banking Committee, has proposed that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could consider banning cryptocurrencies.

Responding to a question earlier raised by a presenter about Sen. Jon Tester who is of the opinion that cryptocurrencies should be banned, Brown said he is of the same opinion.

The Ohio congressman said he has been warning his colleagues and the general public about the risks associated with cryptocurrencies for the past eighteen months, and has been advocating for immediate and strict action.

He said he had previously approached Treasury and the Secretary with his request for a comprehensive review of the situation by all of government, including all of the many regulatory agencies.

Brown pointed to the shocking collapse of FTX as an example of why a ban may be worth contemplating, but stressed that this is only one major component of the whole problem.

He argued that cryptocurrencies are risky and a threat to national security, citing North Korean cybercriminal activity, drug and people trafficking, as well as the financing of terrorist organizations, as some of the problems that have been exacerbated as a result. of the use of cryptocurrencies.

Since the beginning of this year, the president of the Banking Committee has expressed doubts about cryptocurrencies. More recently, he has highlighted his concerns about stablecoin issuance issues, as well as cryptocurrency marketing and advertising efforts.

On November 23, Senator Tom Emmer stated that the FTX failure was not a failure of the crypto but rather a failure caused by centralized actors.

Emmer also believes that crippling regulation would stifle innovation in the industry in the United States, causing it to lose its position of global market dominance, something many believe is already developing. Emmer is a supporter of the American Competitiveness and Innovation Act (ACIA).