U.S. Senator Says Cryptocurrency Shouldn’t Exist
Sen Jon Tester (D-Mont) on Sunday opined that cryptocurrency 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.
Elizabeth Warren, a senator from Massachusetts and one of the most outspoken opponents of cryptocurrencies on Capitol Hill, recently penned an opinion piece for the Wall Street Journal in which she claimed that, in the absence of adequate regulation, cryptocurrencies could collapse the entire economy.
Warren equated purchasing Bitcoin to purchasing air last year. Tester opposes regulating cryptocurrency, in contrast to other bitcoin skeptics. The senator from Montana believes that rules may end up legitimizing cryptocurrencies. “If we control it, it may allow people to believe it to be real,” he added.
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