Senate Banking Committee Chairman Sherrod Brown: "Trump Administration's Approach Will Favor Corporate Elites"

Uk Jin

Summary

Senator Sherrod Brown warned that loose regulations could benefit some corporations.
Brown mentioned that cryptocurrency could transfer American money to corporate elites.
He noted that he lost to a Republican candidate who is a staunch supporter of cryptocurrency.

Sherrod Brown, a Democratic Senator from Ohio and Chairman of the Senate Banking Committee, offered his final advice with about a month left in his term. It is reported to contain warnings that loose regulations related to cryptocurrency and artificial intelligence (AI) could pose risks.

On the 11th (local time), according to the cryptocurrency specialist media Cointelegraph, Brown attended a hearing and warned, "It is concerning to see the major appointments made by President-elect Trump so far. Some corporations may enjoy the freedom to deceive workers and customers."

The areas Brown warned about included cryptocurrency. He added, "Housing prices will rise, private equity will penetrate more into the economy. Also, more new technologies such as algorithms, AI, and cryptocurrency are being used in the financial system," and "Their commonality is that they can siphon money from Americans to corporate elites."

Previously, on the same day as the presidential election in November, Sherrod Brown lost his re-election bid to Republican candidate Bernie Moreno, who is known to be cryptocurrency-friendly. Before his election, he had stated on X (Twitter), "I will lead the fight to advocate for cryptocurrency in the Senate."