There are speculations that the US is considering banning crypto from the nation soon. If it gets right, this might be a significant setback for the crypto industry. NBC did a recent episode of ‘Meet the Press’ where Sen. Sherrod Brown marked his presence. He is the head of the Senate Committee on Banking, Housing, and Urban Affairs. His statement further indicated that the government is pondering banning crypto in the country. The decision is yet in its primitive phase, but it can become a reality soon.
He added that the government bodies also acknowledge that a complete ban on cryptocurrencies is not feasible o. There will be several challenges in doing it altogether. He said the complete ban will also mingle with offshore terms whose implications can’t be determined yet.
During the last days of November, Brown also worked with Treasury Secretary Janet Yellen to reinforce control over the cryptocurrency companies. It was especially after the FTX exchange collapse, which caused a significant setback in the crypto industry and some vast fluctuations. Moreover, Sen. Joe Manchin sent a letter in 2014 to federal regulations where he mentioned and demanded a blanket ban on Bitcoin. It happened after the collapse of Mt. Gox. It was considered the biggest cryptocurrency exchange during that time on the globe. Its collapse was also a significant setback that ignited the argument for banning crypto in the US.
But on the other hand, the radical critics of the cryptocurrency industry also say that it has grown quite a lot, making its complete ban impossible. According to U.Today, the government was itself suspicious of banning crypto in its initial days. But now, even the crypto industry leaders are spending a lot of money to get this decision out of the lobby.
The government can possibly limit the use of cryptocurrencies as several other nations have done. Every country has its lookout for the crypto industry and its financial impact along with regulatory terms.
