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Senate Banking Committee Chairman Sherrod Brown said the recent turmoil in cryptocurrencies, combined with what has happened in recent months, paints a picture of an ecosystem that could destabilize the global financial system. Said there was
According to US lawmakers, cryptocurrencies have been used for almost all illegal activities, including outright theft and fraud.
“the last oneEveryone would love to see, he pointed out, that new financial instruments will eventually bring the financial system down.
His comments at a public hearing involving top US banking regulators came at a time when crypto was once again in the limelight following the collapse of major crypto exchange FTX.
The company was founded by Sam Bankman Freed, who was a darling of the Capitol before “the fall of the empire.”
But reports of implosion in FTX and misuse of customer funds by Alameda Research have already seen increased activity across Washington and elsewhere.
“The parallels with past financial crises in our history are troubling. He made comments reported by The Block at the committee hearing.Legislators who previously condemned crypto have continued to warn that there are none “beneficial” break out Hundreds of speculative cryptocurrencies
Regarding the prospect of legislative division, Brown said:
“Many on my side of the aisle have raised warning flags for this.Thank you to everyone who joined the panel on cryptocurrency skepticism
