U.S. Senator Says He Sees ‘No Reason Why’ Crypto Exists

Appearing on NBC’s “Meet the Press” Sunday, Montana farmer-turned-teacher Jon Tester told host Chuck Todd that cryptocurrency “didn’t pass the smell test for me. ‘ said.

Democratic senators who serve on the Senate Banking, Housing, and Urban Affairs Committee were invited to the program to discuss the defection of former Democratic Senator Kirsten Cinema.

“You used some colorful language to explain the cipher,” asked Todd segment Wrapped up. “Should the government regulate it or ban it?”

“Either way,” replied Tester.

“I haven’t been able to find anyone who can explain what’s there other than synthetics. It doesn’t mean anything,” he continued. It is possible that you will come to think that

“I’m not a regulator, I’m not a financial person who regulates,” Tester asserted, but said, “I don’t see why something like this should exist. It really doesn’t exist.” I finished my thoughts.

Tester says he is not a regulator, but his role on the Senate Banking Committee is about how, if not whether, he will regulate the currently beleaguered cryptocurrency industry. It means having influence as part of the major decision-making bodies currently debating what to regulate.

“Senator Tester will bring a local perspective to this Commission to ensure laws and policies work for America’s rural small banks, credit unions, small businesses and consumers,” his website says. To read.

Sen. Tester said he didn’t hold back his dislike of cryptocurrencies. semaphore last week“It’s all bullshit.”

Meanwhile, after the US midterm elections, Democratic senators regrouped on the Banking Committee agenda.according to roll call report, party leaders were skeptical of the proposed Digital Goods Consumer Protection Act (DCCPA).This ensures that the CFTC, and not the Securities and Exchange Commission or other bodies, Leading body for crypto regulation in the US.

Also known as Stabenow-Boozman billthe move to empower the CFTC was particularly endorsed by Sam Bankman-Fried, who has since become an international pariah as the FTX Exchange and Alameda Research Trading Company collapsed spectacularly.

according to roll callSenator Tester warned against giving cryptocurrencies additional legitimacy, stating Stabenow Boozman on the Senate Agriculture, Nutrition and Forestry Committee, of which Republican Arkansas Senator John Boozman is a key member. I objected to the fact that the bill was submitted.

“It needs to be done by this committee, [agriculture]therefore CFTC is a ‘no’,” said the tester.

In 2019, Senator Tester also main critic Libra, Facebook’s failed cryptocurrency initiative. At the time, he compared the threat of poor management in cryptocurrencies to his 2008 financial crisis.

“There was a bank crackdown in 2008, and several big companies went bankrupt, including 157 banks, Lehman Brothers, WAMU, Bear Stearns and others,” he said at the time. “Nobody expected it to turn out like this.”

He wondered if Facebook could prevent a similar collapse.

“I was still confident my money was safe. [in 2008]” he said. ”How can we guarantee that our money is there?”