Cryptocurrencies are ‘humorous cash,’ that ‘mirrors’ Wall Road abuses, says Senate Banking Chairman

Senior Democrats in Congress again cabled their skepticism about cryptocurrencies and digital asset technology on Tuesday when Ohio chairman Sherrod Brown said the growing digital asset economy told a Senate banking committee that “Americans’ hard-earned money is at risk “. Tuesday listen.

“Alongside these alternative financial products, a home industry with decentralized financial systems has emerged in the hope of creating a parallel financial system with no rules, no supervision, and no borders,” said Brown. ”They claim to enable ‘transparency’. Your supporters speak of the ‘democratization of banking’, but there is nothing ‘democratic’ or ‘transparent’ about a seedy, diffuse web of funny online money.

Brown also attacked the notion that the growing crypto economy would prove to be an alternative for Americans who are skeptical of the power and practices of Wall Street financial institutions.

“People don’t trust banks, and they don’t trust the biggest banks especially,” Brown said. “But as these technologies evolve, most seem to reflect the Wall Street model – rather than question it.”

The Senate Banking Committee hearing coincided with a House Financial Services Subcommittee hearing on central bank digital currencies, underscoring Congress’s commitment to research and potential regulation of digital assets in general.

Also on Tuesday morning, Democratic Senator Elizabeth Warren from Massachusetts sent a letter To Treasury Secretary Janet Yellen in her capacity as Chair of the Financial Stability Oversight Council, calling on the FSOC to rapidly develop a “comprehensive regulatory system for cryptocurrencies”.

Suspected ‘humorous cash’ rip-off artist charged after Nashville companies conned out of money

NASHVILLE, Tenn. (WKRN) – A surveillance video posted online by a Hermitage company using counterfeit cash led police to identify the scammer responsible for several similar scams.

Rashida Groomster, 22, was arrested on Wednesday on five criminal simulation cases.

An arrest warrant states that a woman walked into the Rusty Nail on Andrew Jackson Parkway in September 2020 and used a fake $ 100 bill to pay for a meal, get change, and get the business out of money.

The Rusty Nail posted a surveillance video of the woman and was contacted by several people on Facebook, with the scammer identified as a groomster, according to court documents.

Another warrant states that Groomster used a fake $ 50 bill at Ruby Sunshine on 21st Avenue South in December 2020.

Details of the other incidents that Groomster allegedly participated in were not immediately released.

Groomster was admitted to Metro Prison Wednesday evening for criminal simulation, theft, resisting arrest and circumventing arrest. Their bond issue was set at $ 113,500.

A booking photo for groomster was not provided by the Metro police.