Another crypto-skeptic U.S. Senator goes wild, with Democratic Rep. Jon Tester boldly stating that there is no reason for cryptocurrencies to exist.
Tester is a senior senator from Montana, a seat he has held since 2007. He also serves on the Senate Banking Committee, where he is one of the key players involved in the ongoing debate on US crypto regulation.
During an appearance on NBC Dec. 11 meet the press,tester claimed This sector should not be regulated as crypto has no real value at all.
It didn’t pass the smell test. […] It means nothing,” he said, adding:
The problem is when you regulate it. I pointed this out to some of the regulators here a week or two ago. there is potential.
In line with such thoughts, the tester went on to say, “There is absolutely no reason for something like this to exist.”
The crypto community has not been shy about denouncing the Senator for his anti-crypto rhetoric and self-admitted lack of crypto knowledge, user @BS0064 said: I have a strong opinion on this issue.
Also @blocknonprofit claimed:
Tester’s latest sarcastic comment comes just two weeks after he told media startup Semafor that the field was “absolutely bullshit” and that he “doesn’t understand what underpins it.”
Semafor’s December 1st article Messy Finally, more people are whistling bullshit, said Elizabeth Warren, who hates cryptocurrencies.
Bernie Sanders is at least more diplomatic, saying he’s “not a big fan” of cryptocurrencies.
Related: Senate Banking Committee Democrats Warn SoFi About Meeting Compliance Deadlines
Semafor Washington editor Jordan Weissmann commented on the article on Twitter, saying that since the FTX debacle had subsided, he was “free to say what he really thinks about the crypto industry.” says.
After FTX, Democrats were suddenly free to say what they really think about the cryptocurrency industry.
Jon Tester told our reporter yesterday that he thinks the whole thing is “bullshit.” https://t.co/LzbCM9SkJD
Jordan Weissmann (@JHWeissmann) December 1, 2022