January 26, 2023

Another crypto-skeptic in the United States is walking free, with Democrat Jon Tester boldly declaring that he sees “no reason why” crypto should exist.

Tester is the senior senator from Montana and has served there since 2007. He is also a member of the Senate Banking Committee, one of the key players involved in the ongoing debate over US crypto regulation.

During a Dec. 11 appearance on NBC’s Meet the Press, Tester essentially argued that since crypto has no real value at all, the industry should not be regulated, as that would lend legitimacy.

“It failed to pass the smell test for me. I have not been able to find anyone who can explain to me what is different from synthetics […] which means nothing,” he said, adding that:

“The problem is that if we regulate it, and I pointed this out to some regulators here a week or two ago, if we regulate it, it could allow people to think it’s real.”

In keeping with such thinking, Tester went on to say that he “sees no reason at all why this stuff should exist.”

The crypto community wasn’t shy about criticizing the Senator’s anti-crypto comments and his self-professed lack of crypto savvy, with user @BS0064 noting that it’s “always good to see people who have no idea what they’re talking about have a really strong opinion on this.”

While @blocknonprofit argued “it’s real…imagine all those cryptos are just tech stocks not traded on traditional exchanges used today.”

Tester’s most recent stinging remarks come just a few weeks after he told Semafor that the industry was “completely rubbish” and that he can’t “find out what it supports.”

Semafor’s Dec. 1 article was also riddled with negative crypto views from a bunch of Democratic senators, with crypto hater Elizabeth Warren taking it hard by noting, “finally more people are blowing the bullshit whistle.”

While Bernie Sanders spoke in more diplomatic terms stating that he is “not a huge fan” of crypto.

Related: Democrats on the Senate banking committee warn SoFi against meeting the compliance deadline

Commenting on the article via Twitter, Jordan Weissmann, editor of Semafor in Washington, suggested that since the FTX debacle, “Dems suddenly feel free to say what they really think about the crypto industry.”