Jon Tester, a United States senator from the Democratic party, stated that he sees “no reason for cryptocurrencies to exist”. According to the senator, who spoke in an interview with host Chuck Todd, cryptocurrencies “didn’t pass the smell test for me.” The Democratic senator, who serves on the Senate Committee on Banking, Housing and Urban Affairs, commented on the defection of Democratic Senator Kyrsten Sinema, who became an independent. But the subject of the interview ended up going to cryptocurrencies. During his speech, Todd explained to Tester about the cryptocurrency market and its innovations, and asked the senator’s opinion on the market. “You used colorful language to describe cryptocurrencies,” said the senator. Then Todd asked if the government should be regulating or banning cryptocurrencies. Tester’s response was not conclusive. “(It should do) One or the other,” he replied.
“Does not mean anything”
A Montana farmer and professor turned US senator, Tester said he studied cryptocurrencies. But he stated that he could not understand the usefulness of these assets “I could not find anyone who could explain to me what is beyond synthetics. And even then, it doesn’t mean anything. The problem is that if we regulate it, it might give people the ability to think it’s real,” he said. In other words, the senator stated that he sees no reason for cryptocurrencies to exist, and therefore there should be no regulation. However, Tester did not directly advocate banning Americans from trading. Tester has stated that he is not a regulator nor does he want to play that role, but by serving on the Senate banking committee, he has clout as part of one of the key decision-making bodies currently debating how – if not whether – to regulate the crypto industry. currently besieged. “Senator Tester brings a rural perspective to this committee to ensure laws and policies work for small banks, credit unions, small businesses and consumers in rural America,” says its website. Senator Tester is unashamed of his distaste for cryptocurrencies, telling Semafor last week, “It’s all bullshit.”
Democratic agenda in regulation
After the US midterm elections in November, Democratic senators regrouped on the banking committee’s agenda. According to a report by Roll Call, party leaders have set their sights on cryptocurrency regulation. In this sense, the party attacked the Digital Commodities Consumer Protection Act (DCCPA), one of the draft regulations. The DCCPA would make the Futures and Commodities Trading Commission (CFTC) the primary authority for U.S. cryptocurrency regulation. The reason for the blockade is its original vice, as the law received support from Sam Bankman-Fried (SBF), former CEO of FTX. But the market suspects that SBF acted in collusion with congressmen to create a law that favors FTX. According to Roll Call, Senator Tester warned against giving cryptocurrency additional legitimacy and objected to the DCCPA being introduced at the Senate Committee on Agriculture, Nutrition and Forestry, where Arkansas Republican Senator John Boozman serves as chairman. ranking member. “It needs to be done in this committee, not [agricultura]so there’s a ‘no’ to the CFTC,” Tester said.
