Connect with us
Active Currencies 14795
Market Cap $2,487,037,106,341.80
Bitcoin Share 51.50%
24h Market Cap Change $1.71

All about this US Senator’s take on whether crypto should exist

2min Read

Share this article

  • US Senator believed crypto held no value and should not exist
  • The Senator joined the long list of crypto-haters with this speech

Senator Jon Tester, a Democrat, has come out as yet another crypto-skeptic, asserting that he saw “no reason why” crypto should exist. Tester served as the senior Senator for Montana since 2007. Additionally, he is a member of the Senate Banking Committee, an important party in the continuing discussion of U.S. crypto regulation.

Tester stated that since cryptocurrency has no real value, the industry should not be regulated. Doing so would lend it credibility. He opined,

“It’s not been able to pass the smell test for me. I have not been able to find anybody who’s been able to explain to me what’s there other than synthetics […] which means nothing. The problem is, if we regulate it – and I pointed this out to some of the regulators here a week or two ago – if we regulate it, it may give it the ability of people to think it’s real.”

 

US getting serious on crypto regulations

Although Tester claimed that he is not a regulator, his membership on the Senate Banking Committee gave him access to a major decision-making organization that was discussing whether to regulate the troubled crypto economy.

Democratic senators gathered to focus on the banking committee’s agenda following US midterm elections. According to a Roll Call article, party leaders have expressed reservations about the proposed Digital Commodities Consumer Protection Act (DCCPA), which would make the CFTC – rather than the Securities and Exchange Commission or other agencies – the primary authority for US crypto regulation.

Senator Tester opposed to the Stabenow-Boozman Bill being submitted in the Senate Agriculture, Nutrition, and Forestry Committee, where Republican Senator John Boozman of Arkansas serves as ranking member. Furthermore, he cautioned against lending cryptocurrency additional legitimacy.

Not the first one on these grounds 

Several Democratic senators expressed their disapproval of cryptocurrencies in Semafor’s piece published on 2 December. Crypto-hater Elizabeth Warren infamously wrote,

“Finally, more people are blowing the BS whistle.”

At least Bernie Sanders was more tactful when he said he was “not a huge admirer” of cryptocurrency.

Senator Tester was a vocal opponent of Facebook’s failed cryptocurrency project, Libra, in 2019. He connected the 2008 financial disaster to the threat of insufficient crypto regulations at the time.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.