Sen. Jon Tester (D-Mont.) on Sunday opined that cryptocurrencies shouldn’t exist during an appearance on NBC’s “Meet the Press.”
“I’m not a financial person that does regulation, but I see no reason why this stuff should exist,” Tester told moderator Chuck Todd.
The senator argues that the largest cryptocurrency hasn’t been able to pass “the smell test.”
Tester suggests that the value of the cryptocurrency market comes out of thin air.
No need to regulate cryptocurrencies
Massachusetts Senator Elizabeth Warren, who is generally known as one of the harshest cryptocurrency critics on Capitol Hill, recently wrote an op-ed in the Wall Street Journal, in which she argued that cryptocurrencies could take down the entire economy without proper oversight. Last year, Warren compared buying Bitcoin to buying air.
Unlike other cryptocurrency naysayers, Tester calls against regulating cryptocurrencies. The Montana senator thinks that regulations may actually legitimize cryptocurrencies. “If we regulate it, it may give it the ability for people to think it’s real,” he said.