WASHINGTON — A Senate panel met Tuesday morning to hear from a trio of expert witnesses about what the federal government can do to create safeguards for digital assets such as cryptocurrency.
Sen. Sherrod Brown, D-Ohio, chair of the Senate Banking, Housing, and Urban Affairs Committee, opened the hearing illustrating the abrupt fall of the crypto industry, contrasting the explosion of money behind crypto commercials during last year's Super Bowl to their disappearance at Sunday's game.
"What a difference a year makes. The cryptocurrency industry spent a whopping $54 million on eight ads promising Americans untold riches and a chance to make history," Brown said. "Of course they didn't tell us about the high fees, the risk of loss, the outright theft that plagued the crypto industry, but if you watched the Super Bowl two nights ago, you didn't see a single ad for crypto."
