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The U.S. Senate Committee on Banking, Housing, and Urban
Affairs debated the benefits and drawbacks of
cryptocurrencies.
In a hearing titled Cryptocurrencies: What are they good
for?, Committee Chair Sherrod Brown (D-OH) argued that cryptocurrencies: (i) are not backed by the full faith and credit of the United
States ; (ii) put at risk Americans hard-earned
money ; (iii) create a shadow financial system that lacks
oversight, regulation and limits; (iv) are not transparent or
democratic as claimed by proponents but rather a shady
and diffuse network ; and (v) will enable traditional
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