In the wake of the FTX crypto meltdown, Senate banking chairman Sherrod Brown has opened the door to banning crypto.
The FTX meltdown is being credited with tremendous harm to the crypto market and has led to widespread calls for greater legislation. According to The Hill, Brown told NBC’s Chuck Todd that banning was an option.
“Maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work,” Brown said
At the same time, Brown acknowledged that the crypto market represents a “complicated, unregulated pot of money.”
“So we’ve got to do this right,” the senator said, adding that he has talked to the Treasury Department to do a related assessment across regulatory agencies.