The year 2022 is about to end and still, the cryptocurrency industry is finding it hard to find a strong footing. The entire industry has been dwindling for a while and there is a recovery in sight.
The industry is constantly declining in terms of multiple aspects. The major aspect is the regulatory and security point of view of the industry and the investors.
The industry has become too risky for common investors to interact and search for opportunities to earn and make a living.
The industry is being targeted by cybercriminals as well as by firms that are getting into the crypto business for the purpose of swindling.
Then come the crashes of the major and highly respected/credible cryptocurrency firms and projects that have ended up letting the entire industry down.
The Terra Network and the FTX crashes are the reason why the cryptocurrency industry is finding it difficult to expand and build its reputation worldwide.
The US Regulators Simply Despise Cryptocurrencies
Even though the regulatory authorities in the United States have continued letting the crypto industry thrive, they truly despise the industry.
They have continued opposing cryptocurrencies but had to comply with the people’s demand as they did not have something solid against the industry.
However, the recent market downfalls and the rising number of fraudulent activities have provided an opportunity for regulators to speak their minds.
No regulatory authority in the entire world can oppose the cryptocurrency industry with as much aggression as the US regulators.
Cryptocurrencies May Get Banned in the US
Just recently, it has become a huge level of concern among the cryptocurrency communities about what the US SEC has in mind about the cryptocurrency industry.
The cryptocurrency industry has the same concern about commodity regulators in the United States. The particular regulator is the Commodity Futures Trading Commission (CFTC).
It is true that things have become very complicated and hard to handle for the SEC and the CFTC ever since the inception of cryptocurrencies.
However, these two regulators are not the only authorities that do not like cryptocurrencies. Another major entity has added itself to the same list.
The US Banking Committee Thinks the Same
Sherrod Brown, the chairman of the US Banking Committee has recently shared his thoughts about the cryptocurrencies in the country.
Brown has announced that the Commodity Futures Trading Commission and the Securities and Exchange Commission should think about banning cryptocurrencies.
This is a huge low blow to the entire cryptocurrency industry that has been dealt by Sherrod Brown.
Browns Statement is Alarming
Browns made the statement about the cryptocurrencies and the securities plus the commodity regulators during an interview at one of the local channels.
It was on December 18 when the interview was being held at the “Meet the Press” show, where Browns talked about banning cryptocurrencies.
However, his primary statement about banning cryptocurrencies was followed by a counterstatement. He added that even if the regulators tried doing that, they would find it difficult to deal with the matter.
They will not find it easy to go ahead and ban cryptocurrencies like they are something small. The crypto industry and projects have spread all over the world.
Even if the regulators ban cryptocurrency-related operations in the country, the firms may move out of the country to continue offering services to the US locals.
In that case, the regulatory authority will have even less control over the cryptocurrency firms. It seems that Browns did not fully think about the statement before letting it out.
He was not sure how the entire process would work or what the outcome of the matter would be.
He did mention that the crashes such as the FTX exchange and the Terraform Labs have provided the regulators with a good enough reason to proceed with banning cryptocurrencies.