U.S. Senator Sherrod Brown (D-Ohio), the chairman of the Senate Banking, Housing, and Urban Affairs Committee, talked about cryptocurrency in an interview with NBC Sunday.

He stated that the Treasury Department and all the different regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), need to get together and assess any possible action related to the cryptocurrency market. Referring to the SEC and CFTC, the senator said:

We want them to do what they need to do. At the same time, maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work.

Last week, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on the collapse of cryptocurrency exchange FTX. The House Financial Services Committee also held a separate hearing on FTX a day prior.