Another crypto-skeptic US Senator is on the loose, with Democrat Jon Tester boldly saying he sees “no reason why” cryptocurrencies should exist.
Tester is the senior senator from Montana and has held a seat there since 2007. He also serves on the Senate Banking Committee, which is one of the key players involved in the ongoing debate about cryptocurrency regulation in the United States.
During a Dec. 11 appearance on NBC Meet the presstesters discussed that since cryptography has no real value, the sector should not be regulated, as this would give it legitimacy.
“He was unable to pass the smell test for me. I couldn’t find anyone who was able to explain to me what is there besides synthetics […] which means nothing,” he said, adding that:
“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 could give it the ability for people to think it’s real.”
In line with that thought, Tester went on to say that he doesn’t see “any reason why this stuff should exist.”
The crypto community hasn’t hesitated to criticize the senator’s anti-crypto remarks and his self-admitted lack of knowledge about cryptocurrencies, with user @BS0064 stating that it’s “always nice to see people who have no idea what they’re talking about for have really strong opinions about it.”
Also, @blocknonprofit said, “it’s real… imagine all those cryptocurrencies are just tech stocks not traded on the mainstream exchanges used today.”
Tester’s most recent galling comments come just a couple of weeks after he told media startup Semafor that the industry was “all bullshit” and that he can’t “figure out what drives it.”
The Dec. 1 Semafor article was also littered with negative stances on cryptocurrencies from a group of Democratic senators, with cryptocurrency hater Elizabeth Warren commenting: “Finally, there are more people booing the whistle”.
Bernie Sanders was at least more diplomatic, stating that he is “not a huge fan” of cryptocurrencies.
Related: Senate Banking Committee Democrats warn SoFi to meet deadline for compliance
Commenting on the article via Twitter, Semafor Washington editor Jordan Weissmann suggested that since the FTX debacle collapsed, “Democrats are suddenly feeling free to say what they really think about the cryptocurrency industry.”