Cryptocurrencies put Americans ‘ hard-earned money at risk, US senator says

US Senator Sherrod Brown says cryptocurrencies are not real dollars and “put Americans’ hard-earned money at risk.” Referring to decentralized finance (Defi) as “a shadowy, messy web of online fun money,” he said, “if we want to address Americans’ legitimate fears about our banking system, shady initiatives are not the answer.”

Senator Brown cryptocurrency warning
U.S. Sen. Sherrod Brown, chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, said Tuesday that ” Cryptocurrency: what’s good for?”

Thousands of digital assets, namely cryptocurrencies, stable coins and investment tokens, have entered Sundays since bitcoin went online, the Ohio senator said:

All these currencies have one thing in common-they are not real dollars, they are not supported by the full faith and credit of the United States. And that means they’re all risking the money of hard-earned Americans.

“Facebook Libra – or from tech giants like Diem… we’ve seen a lot more empty words for night operations than for viable cryptocurrencies, ” he added.

The senator also noted decentralized funding, saying the Defi plans hope to create “a parallel financial system without rules, without supervision and Without Borders.”

“They claim to be providing transparency” and ” their creditors are talking about “democratizing banking, “” Brown quipped.:

There is nothing “democratic” or “transparent”in the dark, messy web of online fun money.

Still, he acknowledged that some people don’t trust banks and the banking system;”they see these technologies as a way to take bankers’ power back from wall Street. However, he added, ” If we want to address the legitimate concerns of Americans about our banking system, dubious attempts are not the answer.”

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