Johan Van Overtveldt, MEP and former Belgian finance minister, has called for a “strict ban” on cryptocurrencies as a result of the current banking crisis.
In a March 17 tweet, Overtveldt suggested that lawmakers consider banning cryptocurrencies as a “lesson” from the collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank in the US, calling digital assets “speculative poison.” Members of the European Parliament discussed the impact of the failure of these banks on the markets in its jurisdiction.
“If the government bans drugs, it should also ban cryptocurrency,” Overtveldt said.
Belgian Finance Minister from 2014 to 2018, Overtveldt became a Member of the European Parliament in 2019 and a member of its Economic and Monetary Affairs Committee. In October 2022, the committee approved the Crypto Asset Markets or MiCA framework, which is expected to come into effect from 2024.
Related: Restrictions on New EU Rules on Cryptocurrency
As the impact of the banking crisis unfolds, many U.S. lawmakers are also stating that financial institutions’ ties to cryptocurrency firms are partly responsible for their collapse, beginning with Silvergate’s voluntary liquidation on March 8. and New York City regulators took control of Signature on March 12. SVB Financial Group has since filed for Chapter 11 bankruptcy.
