Democrat Senator On Banking Panel Sees 'No Reason' For Crypto To Exist: 'What's There Other Than Synthetics?'

Sen. Jon Tester (D-Mont.) has expressed his views on why cryptocurrency has "not been able to pass the smell test" for him.

What Happened: In a Sunday appearance on NBC's "Meet the Press," host Chuck Todd asked the teacher-turned-senator whether " the government should be regulating or banning cryptocurrencies.”

"I have not been able to find anybody who's been able to explain to me what's there other than synthetics—which means nothing," he said. "The problem is... if we regulated it, it may give it the ability of people to think it's real."

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He added: "I'm not a regulator and I'm not a financial person that does regulation. I see no reason why this stuff should exist. I really don't."

EXCLUSIVE: Cryptocurrency has not “been able to pass the smell test” for Senator Jon Tester (D-Mont.).@SenatorTester: “If we regulate it, it may give it the ability for people to think it’s real.” pic.twitter.com/E2OwQsJ9R3

— Meet the Press (@MeetThePress) December 11, 2022

Tester, though not a regulator himself, holds an influential position on the Senate Banking Committee, which is currently considering the regulations for the cryptocurrency industry, and whether or not to put regulations in place.

On Dec.2, Tester expressed strong disapproval of crypto, saying that  "It's all bulls**t."

Price Action: At the time of writing,  apex crypto Bitcoin BTC/USD was trading at $16,938, down 1.23 % in the past 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Fall As Focus Turns To Fed Meet: Analyst Says Apex Crypto Could 'Make A Run' For $18K If This Happens

Photo by Navajo Nation Washington Office