A new crypto-skeptic has emerged in the form of Democratic Senator Jon Tester, who claims that there is “no reason why” crypto should exist.
Since 2007, Tester has held the position of the senior senator representing Montana. He also belongs to the Senate Banking Committee as a key member in the ongoing debate over U.S. crypto legislation.
The Tester claims that there shouldn’t be any industry regulation since cryptocurrencies don’t actually have any value, and if you did that, you’d look more credible.
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 Taking Crypto Regulations Seriously
While Tester’s assertion that he is not a regulator. His position on the Committee provided him access to a significant decision-making body debating whether to regulate it.
After the U.S. midterm elections, Democratic senators came together to discuss the banking committee’s agenda. The proposed Digital Commodities Consumer Protection Act (DCCPA) has drawn criticism from party officials, according to a Roll Call report. This would designate the CFTC as the central agency overseeing U.S. crypto regulation rather than the SEC or other organizations.
Tester opposed the Stabenow-Boozman Bill in the Senate Agriculture, Nutrition, and Forestry Committee, which Republican Senator John Boozman of Arkansas chairs. He also advised against giving cryptocurrencies any more legitimacy. Many Democratic senators stated their opposition to crypto in Semafor’s report released on 2 December.
As stated by crypto-hater Elizabeth Warren:
Finally, more people are blowing the B.S. whistle.
When he stated that he was “not a tremendous admirer” of cryptocurrencies, Bernie Sanders at least displayed more tact.
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2019 saw Senator Tester publicly criticizing Facebook’s failing cryptocurrency experiment, Libra. He drew a link between the threat of outdated crypto rules during the 2008 financial crisis.