Cryptocurrency firms reeling from the epic collapse of FTX and its aftereffects received yet another unwelcome development on Sunday’s talk shows. Senator Sherrod Brown, chair of the Senate banking committee, took questions on NBC’s Meet the Press today about how lawmakers should approach cryptocurrencies after the FTX debacle. Host Chuck Todd asked the lawmaker whether regulating crypto would give a “green light” to something that many people think should be banned. Brown, referring to government agencies—the Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission—replied, “We want them to do what they need to do…maybe banning.” His comments follow ones made by Senator Jon Tester, who serves on the same banking committee and was asked by Todd last weekend whether crypto should be regulated or banned. “One or the other,” he answered. “It’s not been able to pass the smell test for me…I see no reason why this stuff should exist. I really don’t. But it isn’t just lawmakers in Washington, D.C.—many top business leaders feel the same way. In September, JPMorgan Chase CEO Jamie Dimon called crypto a “decentralized Ponzi scheme” that’s not “good for anybody.” Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett’s business partner, said this summer: “Crypto is an investment in nothing…I think anybody that sells this stuff is either delusional or evil. I’m not interested in undermining the national currencies of the world.”
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