It seems that the detractors of crypto are becoming more numerous as the industry evolves. Not to mention that recent meltdowns have made consumers and policymakers more skeptical of-at-screw the new industry. In this regard, a US Democratic senator recently expressed his hostility towards cryptos.
No reason to exist, according to Senator Tester
US Democratic Senator Jon Tester was interviewed Sunday on the “Meet the Press” program of NBC. The senator, serving on the Senate Banking, Housing, and Urban Affairs Committee, spoke about the defection of Arizona Sen. Kyrsten Sinema. During the interview, the politician, farmer and teacher from Montana said that crypto has no no reason to exist.
He explained : “I see no reason why this stuff should exist. I really don’t have any“. “I couldn’t find anyone who could explain to me what else is there besides synthetics, which means nothing“, continued the senator. Jon Tester also said that crypto “failed to pass the quality control test” with him.
The Democratic senator clarified that he is neither a regulator nor a financial specialist who regulates. Still, his role on the Senate Banking Committee shows he has some clout. Indeed, the senator intervenes in one of the main bodies responsible for determining appropriate regulation for the crypto sector.
Shouldn’t crypto be regulated?
The Montana senator indicated that since it has no purpose, crypto should not be regulated. According to him, regulation could trick consumers into thinking crypto is real, when this is not the case. “The problem is that if we regulate it, it can give people the ability to think it’s real“, explained Jon Tester.
Near the end of the program, host Chuck Todd asked the senator if he thought the US government should regulate or ban crypto. Democrat Jon Tester replied: “L‘either“.
Last week, Senator Tester explained to Semafor that cryptos are “bullshit“. He added that he was already wary of the new industry before the dramatic collapse of FTX.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
