Johan Van Overtveldt, a member of the European Parliament and the previous Minister of Finance of Belgium, has referred to as for a “strict ban” on crypto on account of the present banking disaster.

In a March 17 tweet, Overtveldt advised lawmakers ought to think about banning cryptocurrencies as a “lesson” from the collapses of Silicon Valley Financial institution, Signature Financial institution and Silvergate Financial institution in the US, referring to digital belongings as “speculative poison.” Members of the European Parliament have been discussing the affect of the failure of those banks on markets in its jurisdiction.

“If a authorities bans medication, it also needs to ban cryptos,” mentioned Overtveldt.

A finance minister of Belgium from 2014 to 2018, Overtveldt turned a European Parliament member in 2019 and a part of its Committee on Financial and Financial Affairs. In October 2022, the committee accepted the Markets in Crypto-Property, or MiCA, framework, anticipated to enter impact beginning in 2024.

Associated: The restrictions of the EU’s new cryptocurrency rules

Because the affect of the banking disaster unfolds, many U.S. lawmakers have additionally claimed monetary establishments’ ties to crypto corporations had been partly liable for their collapse, beginning with Silvergate’s voluntary liquidation on March 8. Silicon Valley Financial institution adopted on March 10 amid a financial institution run, and New York regulators took management of Signature on March 12. SVB Monetary Group has since filed for Chapter 11 chapter.