Johan Van Overtveldt, Member of the European Parliament and former Minister of Finance of Belgium, has requested a “strict prohibitionof cryptocurrencies following the current banking crisis.
In a tweet of 17 Marzo, Overtveldt he suggested lawmakers to consider banning cryptocurrencies following the collapses of Silicon Valley Bank, Signature Bank and Silvergate Bank; in his view, digital assets are nothing more than “speculative poison.“ Members of the European Parliament they are arguing the impact that the failures of these banks could have on their jurisdictions.
“If the government bans drugs, then it should ban cryptocurrencies too,Overtveldt said.
Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies. Speculative poison and no economic or social added value. If a government bans drugs, it should also ban cryptos.
— Johan Van Overtveldt (@jvanovertveldt) March 17, 2023
Minister of Finance of Belgium from 2014 to 2018, Overtveldt became a member of the European Parliament in 2019: today he sits on the Committee on Economic and Monetary Affairs. In October 2022, the Commission approved a framework for crypto-asset markets, the MiCA, which should enter into force from 2024.
Some US lawmakers also believe that financial institutions’ ties to cryptocurrency companies were partly responsible for the failure, starting with the voluntary liquidation of Silvergate on 8 March. Silicon Valley Bank followed on March 10, while New York regulators took control of Signature on March 12.
