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Cryptocurrencies are 'funny money' that could wreck economy, US Senator Brown says

By Richard Vanderford ( July 27, 2021, 19:18 GMT | Insight) -- Cryptocurrencies, whether backed by Facebook or "fly-by-night" startups, amount to a network of "online funny money" and should be heavily regulated, a leading US Senate Democrat said. Sherrod Brown, chairman of the US Senate Banking Committee, said crypto assets put "all Americans' hard-earned money at risk," but expressed hope that Biden appointees will apply more scrutiny.  The ranking committee Republican, Patrick Toomey, was broadly supportive of digital assets, highlighting a partisan split in views on the industry. Cryptocurrencies, whether backed by Facebook or "fly-by-night" startups, amount to a network of "online funny money" and should be heavily regulated, a leading US Senate Democrat said. ...

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