{"id":10168,"date":"2021-07-28T15:54:10","date_gmt":"2021-07-28T15:54:10","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-says-cryptocurrencies-put-americans-hard-earned-money-at-risk\/"},"modified":"2021-07-28T15:54:10","modified_gmt":"2021-07-28T15:54:10","slug":"us-senator-says-cryptocurrencies-put-americans-hard-earned-money-at-risk","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-says-cryptocurrencies-put-americans-hard-earned-money-at-risk\/","title":{"rendered":"US Senator Says Cryptocurrencies Put Americans\u2019 Hard-Earned Money at Risk"},"content":{"rendered":"

U.S. Senator Sherrod Brown says cryptocurrencies are not real dollars and they \u201cput Americans\u2019 hard-earned money at risk.\u201d Referring to decentralized finance (defi) as \u201ca shady, diffuse network of online funny money,\u201d he said, \u201cif we want a solution to Americans\u2019 legitimate fears about our banking system, shady start-ups are not the answer.\u201d<\/strong><\/p>\n

Senator Brown\u2019s Warning About Cryptocurrencies<\/h2>\n

U.S. Senator Sherrod Brown, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, raised concerns about cryptocurrency in his opening statement at Tuesday\u2019s hearing titled \u201cCryptocurrencies: What are they good for?\u201d<\/p>\n

Stating that thousands of digital assets, namely cryptocurrencies, stablecoins, and investment tokens, have poured into the markets since bitcoin came online, the senator from Ohio said:<\/p>\n

All of these currencies have one thing in common \u2013 they\u2019re not real dollars, they\u2019re not backed by the full faith and credit of the United States. And that means they all put Americans\u2019 hard-earned money at risk.<\/p>\n

\u201cFrom tech giants like Facebook\u2019s Libra \u2013 or Diem \u2026 to fly-by-night operations, we\u2019ve seen far more empty promises than we\u2019ve seen viable cryptocurrencies,\u201d he added.<\/p>\n

<\/p>\n

The senator also commented about decentralized finance, stating that defi schemes hope to create \u201ca parallel financial system with no rules, no oversight, and no limits.\u201d<\/p>\n

Citing that \u201cThey claim to enable \u2018transparency’\u201d and \u201cTheir backers talk about the \u2018democratization of banking,’\u201d Brown exclaimed:<\/p>\n

There\u2019s nothing \u2018democratic\u2019 or \u2018transparent\u2019 about a shady, diffuse network of online funny money.<\/p>\n

Nonetheless, he acknowledged that some people do not trust banks and the banking system; they \u201csee these technologies as a way to take power back from the Wall Street bankers.\u201d However, he said, \u201cif we want a solution to Americans\u2019 legitimate fears about our banking system, shady start-ups are not the answer.\u201d<\/p>\n

What do you think about the comments by Senator Brown? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, american hard earned money, Sherrod Brown, Sherrod Brown bitcoin, Sherrod Brown crypto, Sherrod Brown cryptocurrency, US Regulation, us senator<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Senator Sherrod Brown says cryptocurrencies are not real dollars and they \u201cput Americans\u2019 hard-earned money at risk.\u201d Referring to decentralized finance (defi) as \u201ca shady, diffuse network of online funny money,\u201d he said, \u201cif we want a solution to Americans\u2019 legitimate fears about our banking system, shady start-ups are not the answer.\u201d Senator Brown\u2019s…<\/p>\n","protected":false},"author":0,"featured_media":10169,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10168"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10168"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10169"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}