One of the senators attacking the cryptocurrency industry recently is Democrat Jon Tester, who claims that the sector serves no purpose as it is unsupported and offers nothing. The senior senator and a member of the Senate Banking Committee has come out as yet another skeptic, asserting that he sees “no reason why” crypto should exist.
Tester: Crypto is just worthless synthetics
Tester stated in an NBC Meet the Press interview on December 11 that the industry shouldn’t be regulated since that would lend credibility to something useless. He claims that he is still trying to find anyone who could explain to him what is there other than synthetics, which implies nothing.
“The issue is that if we regulate it, as I pointed to a few of the regulators here about a week or two ago, it would enable people to believe it to be real.”
In this line of reasoning, Tester said he saw no reason as to why the commodity should exist.
The cryptosphere didn’t hold back in criticizing the senator for his comments and his open admission of ignorance. According to one user, it’s always fantastic to see folks with no idea what they’re talking about in extreme voice opinions on the issue.
A few weeks prior, Tester told media start-up Semafor that the industry was “all nonsense” and that he couldn’t “figure out what sustains it.”
Several Democratic senators expressed their disapproval of cryptocurrencies in Semafor’s piece published on December 1. Crypto-hater Elizabeth Warren returned hard, writing: “Finally, additional people are blowing the B.S. whistle.” Bernie Sanders, who was at least more diplomatic, said he was “not a huge admirer” of cryptocurrency.
Why top officials are against crypto adoption
Governments across the globe are cautiously watching Bitcoin’s growth as well as other cryptocurrencies in the meanwhile. Some nations have embraced digital assets, such as El Salvador, which already has a national Bitcoin office. Major economies, however, including the U.S., refuse to accept crypto as legal cash.
Bitcoin, among other cryptocurrencies, gives residents of a nation the ability to challenge the legitimacy of their government by evading the capital controls put in place by it. Assisting criminals in avoiding capture also promotes evil deeds. Last, crypto can disrupt and destabilize the current financial infrastructure system by eliminating intermediaries, which only a few top government officials would like.