Tue, November 19

U.S Senator Contends There Is No Need for Crypto to Exist

Jyothsna

Published on Dec 12, 2022 at 11:40 AM Updated on Dec 12, 2022 at 4:23 PM

Senator Elizabeth Warren Criticizes Crypto for Promoting Illicit Finance

Jon Tester stated that there is “no reason why crypto should exist.”
According to Tester, regulating crypto will lead people to believe it is real.

Jon Tester, the senior senator from Montana, has held that position since 2007. In fact, he serves on the Senate Banking Committee and is a significant figure in US crypto regulations. On Dec 11, NBC’s news conference stated that there is “no reason why crypto should exist.” He also claimed that cryptocurrency has no real value and that the sector should not be regulated since that would give it legitimacy.

WATCH: Crypto has not “been able to pass the smell test” for Senator Jon Tester.@SenatorTester: “If we regulate it, it may give it the ability for people to think it’s real.” pic.twitter.com/CklztHv8vZ
— Meet the Press (@MeetThePress) December 11, 2022

He also mentioned that it does not pass the smell test for me and that he has not been able to locate someone who can explain to him what other synthetics mean and that the concern is that if the regulators here a week or two ago regulated it, it may give it the potential for people to assume it’s real.

Senator’s Opinion on Crypto

Tester told a media start-up Semafor that the cryptocurrency industry was bullshit and that he couldn’t understand what stood behind it. On December 1, after a number of senators, including Elizabeth Warren, messed up with their negative stances on the industry, they said that regulations were necessary for security reasons.

And Jordan Weissmann editor of the Semafor noted in a tweet that after the fall of the FTX, investors, and individuals began speaking openly about the crypto, and US senators have actively spoken about the crypto, with almost all of them being negative. There are continuous discussions about cryptocurrency regulations in the United States.