Senator Brown Calls for Ban on Cryptocurrencies, Citing National Security and Regulatory Clarity Concerns

Senator sherrod brown and senator elizabeth warren have both recently addressed the issue of cryptocurrencies. senator brown suggested that u.s. federal agencies should consider a ban on cryptocurrencies, while senator warren unveiled a new bill governing cryptocurrencies earlier this month. both of these events took place in the united states, and the uncertain regulatory future in the u.s. is already driving the crypto industry offshore.

Suggestion to ban cryptocurrencies and the unveiling of a new bill governing cryptocurrencies both occurred this month. coinbase ceo brian armstrong pointed out that, an offshore exchange not regulated by the sec, was an example of the crypto industry going offshore due to the lack of regulatory clarity in the u.s. senator brown acknowledged that a ban on cryptocurrencies would be “very difficult” due to the crypto industry going offshore, and called for a collaborative approach among different government bodies when reigning in crypto.

Warren’s bill would look to force crypto asset providers to offer audited financial statements and impose bank-like capital requirements, as well as give the sec increased powers to regulate the asset class. the uncertain regulatory future in the u.s. is already driving the crypto industry offshore, and coinbase ceo brian armstrong claims that the sec failed to create regulatory clarity in the u.s., leading to many american investors and 95% of trading activity going offshore. senator brown suggested a ban on cryptocurrencies in order to reign in the industry and create a more secure environment.

By Evey Lovelace

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