U.S. Senator Sherrod Brown has suggested that U.S. federal agencies, such as the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), should “maybe” consider a ban on cryptocurrencies. However, he noted that such a ban would be “very difficult” because it would drive the crypto industry offshore.
Meanwhile, SEC Commissioner Hester Peirce told Decrypt that the Howey test, used by the SEC to determine whether a digital asset should be classified as a security, has some limitations.
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