The volatile market of cryptocurrencies is mainly based upon predictions and deductions of professionals and crypto experts. But, some experts are also going to predict the existence of cryptocurrencies. Here, we are going to take some paragraphs from an interview with Senator Jon Tester.
On Sunday, in an interview, he argued that there is no reason for the existence of cryptocurrencies. Tester is the senior senator and head of the US state of Montana congressional delegation.
The senator stated that he is not a regulator in an interview with NBC’s Meet the Press, but that,
“I don’t realise the need for this stuff.”
When asked if the government should strictly regulate or allow bitcoin, Tester said, “one or the other,” adding that in both cases, it failed his “smell test.”
He went on to say,
The author said, “I have not found anyone who has been able to explain to me what there is other than synthetics […] which represents nothing.
Concerning prospective regulation of the cryptocurrency business and its different components, the senator is also concerned that it may serve as a legitimisation.
The issue is that, as I pointed out to some of the regulators in this room a week or so ago, if we regulate it, it would enable people to believe it to be genuine.
This may imply that his response to the “regulate or prohibit” topic may actually lean more in favour of the latter.
One of the primary complaints levelled at this specific Tester’s viewpoint is that it appears as if he believes something shouldn’t exist. And this is only because he doesn’t understand how it works, even though many others undoubtedly favour regulating crypto, and some want a complete ban.
Crypto Is Just Cow Poop
Early in December, some ten days before the aforementioned interview, Tester told Semafor of the cryptocurrency market, “It’s all garbage. At the time, he said that even before the historic collapse of the cryptocurrency FTX exchange, he was “wary” of the sector.
He said the same thing back then, adding, “I can’t figure out what supports it,” that it doesn’t pass the smell test.
Additionally, Jon Tester is not the only Democratic senator who has criticised cryptocurrency for several months. According to reports, Elizabeth Warren is only one of them.
She recently urged the big financial services company Fidelity Investments to explore subjecting worker retirement plans to bitcoin, along with Richard Durbin and Tina Smith (BTC).
They said in their letter that the financial services sector is “full of charismatic wunderkinder, opportunistic scammers, and self-proclaimed investment gurus marketing financial products with little to no transparency.”
Warren was also reported in the Semafor story as saying, “More individuals are blowing the bullshit whistle,” and he added,
“There has been extensive lobbying in Congress to deter legislators. Ugh, crypto is just so hard to understand. Nobody can comprehend it. Let there be no regulation in the crypto sphere. That is the exact justification that was given for the 2008 crisis.”