Montana State Senator John Tester believes that cryptocurrencies have no intrinsic value, so they do not need to be regulated, otherwise people will consider them legitimate investment vehicles.
Jon Tester, a member of the US Democratic Party, sits on the US Senate Banking Committee and is actively involved in the debate over the regulation of cryptocurrencies. In a recent appearance on NBC, Tester spoke out against crypto assets, saying he sees no reason why they should exist.
“I believe that digital assets failed the leak test. I did not find anyone who could explain to me what their value is. The problem is that if we regulate them, people will start to think that cryptoassets are really legal,” the senator said.
His statements caused dissatisfaction with the crypto community. Many criticized Tester, saying that he lacks any knowledge in the field of cryptocurrencies, otherwise he would not have judged them so categorically. Former Semafor Washington editor Jordan Weissmann wrote on Twitter that after the fiasco of the FTX exchange, the Democrats “felt free” and began to freely say hard things about the crypto industry.
Indeed, regulators have recently tightened their stance on crypto assets. Recently, US senators again demanded that Fidelity Investments remove bitcoin from pension plans due to its high volatility. In addition, in November, the US Congress began to actively work on the Digital Consumer Protection Bill (DCCPA).
Source: Bits
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