The chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Sherrod Brown, has called for a comprehensive regulatory framework for cryptocurrencies. “Recent crypto meltdowns have made clear that we need a comprehensive framework to regulate crypto products to protect consumers and our financial system,” said the senator.

“The cryptocurrency industry has imploded,” the senator began, noting that the crypto market lost $1.46 trillion in value in 2022 and crypto firms have slashed over 1,600 jobs. The lawmaker detailed:

As crypto values crashed last year, platforms began collapsing, creating more losses across the rest of the crypto ecosystem. The crypto firms that are left have had to halt customer withdrawals, freezing people out of their own money.