VIDEO FOR YOU: Senate Democrats take aim at cryptocurrency

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The Associated Press is offering video of the following senators commenting on concerns in Congress over cryptocurrency and its use. Use it on your broadcasts, websites, social media platforms and elsewhere.

OHIO: Sen. Sherrod Brown

MONTANA: Sen. Jon Tester

VIRGINIA: Sen. Mark Warner

MASSACHUSETTS: Sen. Elizabeth Warren

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Senate Democrats take aim at cryptocurrency

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The U.S. government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes this week, alleging he intentionally deceived customers and investors to enrich himself and others, while playing a central role in the company’s multibillion-dollar collapse.

The charge against Bankman-Fried has illuminated concerns in Congress over cryptocurrency and its use.

The Chair of the Senate Banking, Housing, and Urban Affairs Committee, Sen. Sherrod Brown, says issues concerning cryptocurrency are larger than FTX alone.

“There’s been no real argument in support of the whole crypto industry. It’s rife with fraud and we’re not even talking about what it means internationally: Gunrunners and drug smugglers. And in international crime, the North Koreans have been using crypto,” Brown said.

Whether increased regulation would have prevented the spectacular collapse of cryptocurrency exchange FTX was fiercely debated at a hearing of the Senate’s banking committee Wednesday.

However, new legislation is potentially on the way. Sen. Elizabeth Warren, D-Mass. announced at the hearing bipartisan legislation aimed at cracking down on cryptocurrencies being used in money laundering.

“Keep in mind this money laundering that’s done through crypto supports the worst criminal organizations in the world, and it puts our nation at risk. When ransomware is used all across our country and around the world, what do they turn to for payment? They turn to crypto. Drug dealers or can now use crypto. It’s the case one after another of the worst actors that have largely, not 100%, but largely been locked out of the banking system. Nonetheless, go over to the crypto system where they can trade actively,” Warren said.

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Video For You is an occasional feature produced by The Associated Press for its customers’ use. Questions can be directed to Katie Oyan at koyan@ap.org.