As a reason for the ban, the official cited the example of the FTX exchange collapse, adding that this is only one huge part of the overall problem. According to Brown, cryptocurrencies are dangerous and pose a threat to national security.

The most interesting thing is that while one high-ranking US Senate politician is doing everything possible to ensure that the cryptocurrency market is subjected to a rigorous audit, others are using cryptocurrency for personal purposes.

Despite the proposal for a ban, I think it will be very difficult to do so, as the activities may go to offshore jurisdictions.