{"id":71333,"date":"2022-12-12T15:04:31","date_gmt":"2022-12-12T13:04:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71333"},"modified":"2025-09-08T08:04:24","modified_gmt":"2025-09-08T05:04:24","slug":"us-senator-says-there-is-no-reason-for-cryptocurrencies-to-exist","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-senator-says-there-is-no-reason-for-cryptocurrencies-to-exist\/","title":{"rendered":"US Senator says there is no reason for cryptocurrencies to exist"},"content":{"rendered":"<p>The market for digital assets is not backed by anything and offers nothing, so there is no reason for it to exist. This was stated in an NBC interview by Jon Tester, a Democratic senator from Montana.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">WATCH: Crypto has not \u201cbeen able to pass the smell test\u201d for Senator Jon Tester.<a href=\\\"https:\/\/twitter.com\/SenatorTester?ref_src=twsrc%5Etfw\\\">@SenatorTester<\/a>: \u201cIf we regulate it, it may give it the ability for people to think it\u2019s real.\u201d <a href=\\\"https:\/\/t.co\/CklztHv8vZ\\\">pic.twitter.com\/CklztHv8vZ<\/a><\/p>\n<p>\u2014 Meet the Press (@MeetThePress) <a href=\\\"https:\/\/twitter.com\/MeetThePress\/status\/1601968382420701187?ref_src=twsrc%5Etfw\\\">December 11, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Tester sits on the Senate Banking Committee, which is considering the issue of regulating cryptocurrencies in the United States.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u201cIn my view, digital assets have not passed the \u2018smell test\u2019. I couldn\u2019t find anyone who could explain to me what is in there, other than synthetics [\u2026], which don\u2019t mean anything. [\u2026] If we regulate them, this could create the impression that they are real,\u201d<\/em> the legislator explained.<\/p>\n<\/blockquote>\n<p>On December 2, Tester, in an interview<a href=\\\"https:\/\/www.semafor.com\/article\/12\/01\/2022\/dems-crypto-bullshit\\\"> Semafor<\/a>, called the industry \u201cnonsense\u201d and struggled to find what supports cryptocurrencies. He was backed by fellow Senate Banking Committee member Elizabeth Warren, a well-known cryptocurrency critic.<\/p>\n<p>The editor of the publication Jordan Weissmann noted that <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the FTX collapse<\/a> allowed Democrats to say what they really think about the industry.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">After FTX, it seems Dems suddenly feel free to say what they really think about the crypto industry. <\/p>\n<p>Jon Tester told our reporter yesterday that he thinks the entire thing is \u00abbullshit.\u00bb Warren, Brown, and Sanders also had words. <a href=\\\"https:\/\/t.co\/LzbCM9SkJD\\\">https:\/\/t.co\/LzbCM9SkJD<\/a><\/p>\n<p>\u2014 Jordan Weissmann (@JHWeissmann) <a href=\\\"https:\/\/twitter.com\/JHWeissmann\/status\/1598293881715843073?ref_src=twsrc%5Etfw\\\">December 1, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Earlier, Warren called for tighter crypto regulation, drawing parallels between FTX and Lehman Brothers.<\/p>\n<p>Earlier, Warren had compared cryptocurrencies to the U.S. mortgage crisis. In July she urged Congress and the <span data-descr=\\\"U.S. Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span> to take a tougher stance toward the industry amid problems with <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\">Celsius Network<\/a> and a number of other companies.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\u201d\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The market for digital assets is not backed by anything and offers nothing, so there is no reason for it to exist. This was stated in an NBC interview by Jon Tester, a Democratic senator from Montana.<\/p>\n","protected":false},"author":1,"featured_media":71334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,36,26],"class_list":["post-71333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71333"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71333\/revisions"}],"predecessor-version":[{"id":71335,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71333\/revisions\/71335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71334"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}