• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Bitcoinist.com
No Result
View All Result
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
Crypto

Ban Crypto? Why Senate Banking Chief Suggests SEC And CFTC Should Do So

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto is at the crosshair of a U.S. lawmaker – and it’s not surprising.

Sen. Sherrod Brown, Chairman of United States Banking, Housing, and Urban Affairs Committee, suggested on December 18 that federal agencies including the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) should perhaps consider the idea of banning crypto especially following the sudden collapse of crypto exchange FTX last November.

“Maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work,” The Hill quoted Brown as saying in a report.

Concerns regarding the viability of the digital currency sector were rekindled after FTX’s demise, which scared regulatory agencies and frightened investors.

Brown’s striking pronouncements were made on NBC’s “Meet the Press” but the senator was also quick to add getting rid of crypto is easier said than done.

Related Reading: Trump Is Now Selling His Own Superhero NFTs – After Thrashing Bitcoin For Being A ‘Scam’

Senate Banking, Housing, and Urban Affairs Committee Chairman Sherrod Brown. Image: Greg Naah/The Hill.

A Threat To National Security?

Brown also shared his sentiment with that of colleague Sen. Jon Tester who also believes in the banning of digital currencies.

More so, Brown disclosed that in the course of over 18 months he has been relentlessly trying to “educate and convince” his fellow lawmakers on the “dangers” of crypto and that something should be done at the legislative level.

In fact, Brown pointed out that the implosion of FTX is a huge lesson and factor but is only one slice of the massive crypto pie. Further, he demonstrated how bitcoin and its peers can threaten national security such as what is happening in North Korea, the hermit state that is notorious for cybercrimes, and other nefarious activities like terrorism, and human and drug trafficking, to name a few.

I applaud the @TheJusticeDept and the Bahamian authorities for holding Sam Bankman-Fried accountable.

The @SenateBanking and Housing Committee will continue working to uncover crypto’s risks to consumers, our financial system, and our national security. https://t.co/dsSJ09PzYx

— Sherrod Brown (@SenSherrodBrown) December 13, 2022

FTX Downfall Triggers Increased Regulation On Crypto

On November 30, the Ohio representative released a statement that calls for the regulation of the industry and has even expressed strong support for the criminal charges filed by the U.S. Department of Justice against Sam Bankman-Fried, former CEO of FTX.

The former FTX bigwig was charged with theft for taking customers’ money to fund Alameda Research and also his luxurious lifestyle. 

On the other hand, Sen. Tom Emmer has opposed Brown’s statement that the fall of FTX signaled a failure in the bitcoin market.

Crypto total market cap sees a decline, now settles at $764 billion | Chart: TradingView.com
Related Reading: Sam Bankman-Fried Expected To Give Nod To U.S. Extradition

On Sunday, Brown characterized the digital currency market as a “complicated, unregulated pot of money” and said the problem goes far beyond FTX.

Additionally, Emmer believes that regulations on bitcoin could even negatively impact the U.S. in terms of financial innovation and advancement.

On 11 November, FTX filed for bankruptcy, and Bankman-Fried resigned as CEO. On December 12th, Bahamian authorities apprehended SBF, and they plan to extradite him to the United States.

Meanwhile, Patrick McHenry, the incoming chairman of the House Committee on Financial Service, also happens to support crypto.

In fact, just this week, he paused changes on crypto taxes to allow more time for the clarification of the original tax provision.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

BlockFi

BlockFi Administrator, DOJ Agree To End $35 Million Lawsuit — Details

4 hours ago
Crypto

Indicted Crypto Founder Seeks Pardon From US President Trump

19 hours ago
Bitcoin

Grayscale Responds To SEC Decision To Delay GDLC ETF Debut

1 day ago
Crypto Market Reacts As Powell Resignation Rumors Spread: Fannie Mae Chairman Says 'Economy Will Boom'

Crypto Market Reacts As Powell Resignation Rumors Spread: Fannie Mae Chair Says ‘Economy Will Boom’

1 day ago
crypto, tax

US Treasury Officially Removes Controversial Biden-Era Crypto Broker Reporting Rules

1 day ago
SharpLink Buys 10,000 ETH From Ethereum Foundation — What Are They Planning?

SharpLink Buys 10,000 ETH From Ethereum Foundation — What Are They Planning?

1 day ago

Premium Sponsors

Press Releases

  • Earn $3,500 a day – Start a Dogecoin Miner Using...

    4 minutes ago
  • [Profitable formula] DOGE + Bitcoin mining machine =...

    5 hours ago
  • Start a mining machine with XRP and earn $9999 per day!

    9 hours ago
  • Start a mining machine with XRP and make $9,141 a day!

    11 hours ago
  • Start Bitcoin Mining Machines with “King of...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.