FTX Bangkrut's Celebration, USA Will Be A Crypto Ban? It's Hard!

US Senators proposed banning cryptocurrencies. (Photo; Doc. 99 Bitcoins)

JAKARTA After the collapse of the leading FTX crypto exchange founded by Sam Bankman-Fried last November, public confidence in cryptocurrencies has decreased. Recently, US senator Sherrod Brown suggested banning cryptocurrencies.

Brown explained the possibility of banning cryptocurrencies after FTX collapsed. Even so, he admits to banning cryptocurrencies is very difficult because and blockchain technology will switch outside the US. Coupled with the potential for investor funds to flow abroad and places where crypto is legalized. After all, the ban on cryptocurrencies is not certain.

The US Senator Sherrod Brown served as chairman of the Banking Committee, Perusamahan, and Senate Urban Affairs. He shared his views on crypto in an interview with local media, NBC Sunday.

Furthermore, Brown stated that the Department of Finance and all different regulatory agencies, including the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), need to gather together and assess any action that may be linked to the cryptocurrency market.

"We want them to do what they need to do. At the same time, maybe ban it, even though it's very difficult to ban it because it will go abroad and who knows how it will work," said Sherrod Brown.

Last week, the Senate Banking, Housing and Urban Affairs Committee conducted a poll on the collapse of the FTX cryptocurrency exchange. The US House Financial Services Committee also held a separate hearing on FTX the day before.

As is known, FTX officially filed for bankruptcy protection on November 11. In early December, FTX founder and former CEO Sam Bankman-Fried was officially arrested by the Bahamas police. The arrests were made on suspicion of fraud filed by the US government and regulators. It is planned that Bankman-Fried will be extradited to the US in the near future.

Furthermore, the Senator from Ohio explained that the crypto market is a complicated and unregulated moneypot. He added that the problems in the crypto environment are much bigger than FTX experienced. Brown urged the government to act properly.

"I have spent most of the last eight years and half of this work as chairman of the Banking, Housing and Urban Affairs Committee. Educationing my colleagues and trying to educate the public about crypto and the dangers it poses to our security as a nation and consumers who have been deceived by it," added Senator Sherrod Brown.

Last week, Senator Pat Toomey explained in his opening speech at a Senate hearing on FTX that the fall of crypto exchange does not justify bans or "twisted" cryptocurrencies.

"Some of my colleagues have suggested temporarily stopping cryptocurrencies before we can overcome them. This is very misguided, almost impossible. In short imposing a cruel authoritarian policy, cryptocurrencies cannot be stopped. If we try (to stop them, ed.), the technology (blockchain, ed.) will only migrate overseas, "said Toomey.