US Senator Jon Tester Says There’s No Reason Why Crypto Should Exist

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US Senator Jon Tester says crypto has no useful purpose as the collapse of FTX energizes talks to pass federal crypto regulations.

In a new interview with NBC Meet the Press host Chuck Todd, the Democratic politician from Montana says he doesn’t understand why crypto should even exist.

[Crypto has] was unable to pass the smell test for me. I couldn’t find anyone who could explain to me what else is synthetics and what doesn’t mean anything.

And the problem is that 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 can give people the ability to think it’s real. My personal thought and I’m not a regulator and I’m not a financial person who does regulation, but I see no reason why this stuff should exist.

Tester is one of 24 U.S. senators who serve on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, which could play a role in regulating cryptocurrencies. The committee is due to hold a hearing on Wednesday, December 14, into the collapse of crypto exchange FTX.

According to Roll Call, Tester wants the banking committee to deal with the crypto issue, not the US Senate Agriculture, Nutrition, and Forestry Committee, which discussed the Digital Consumer Protection Bill. (DCCCPA).

The bill, also known as the Stabenow-Boozman bill, would see the Commodity Futures Trading Commission (CFTC) largely oversee the crypto markets and was backed by Bankman-Fried.

According to the report, senators are embittered over the bill.

Said the tester,

It has to be done in this committee, not [agriculture]so CFTC is a no.

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