US Senator Jon Tester asserts that crypto has no purpose. However, the FTX crisis has fueled talks to create federal crypto regulations.
In a new interview with NBC’s Meet the Press host Chuck Todd, the Democratic politician from Montana says He does not understand why crypto exists.
“[Crypto has] I have not been able pass the smell test. I have not been able to find anybody who’s been able to explain to me what’s there other than synthetics and what means nothing.
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 regulated it, it may give it the ability of people to think it’s real. My personal thought and I’m not a regulator and I’m not a financial person that does regulation, but I see no reason why this stuff should exist.”
Tester is among 24 US senators who are members of the U.S. Senate Committee on Banking, Housing and Urban Affairs. The committee could be involved in regulation of cryptocurrencies. On Wednesday, December 14, the committee will hold a hearing about the collapse of the FTX cryptocurrency exchange.
According to Roll Call, Tester would prefer that the banking committee deal with crypto issues, and not the U.S. Senate Agriculture, Nutrition and Forestry Committee, who has been discussing the Digital Commodities Consumer Protection Act.
The bill, also known to be the Stabenow–Boozman Bill, would have the Commodity Futures Trading Commission, (CFTC), oversee large parts of the crypto markets. It was supported by Bankman–Fried.
The report indicates that senators are expressing concern about the bill.
“It needs to be done in this committee, not [agriculture], so CFTC is a ‘no.’”
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