U.S. Senator Says He Sees 'No Reason Why' Crypto Exists

Montana State Senator Jon Tester believes that cryptocurrencies have no intrinsic value, so they should not be regulated, otherwise people would consider them legitimate tools for investment.

Jon Tester, who belongs to the U.S. Democratic Party, is a member of the U.S. Senate Banking Committee and is heavily involved in the debate over the regulation of cryptocurrencies.

In a recent appearance on NBC, Tester spoke out against crypto-assets, saying he sees no reason why they should exist.

His statements have angered the cryptocurrency community. Many criticized Tester, saying that he lacked any knowledge of cryptocurrencies or he wouldn't have judged them so harshly.

Earlier, Semafor Washington editor Jordan Weissmann tweeted that after the FTX fiasco, Democrats "felt free" to say mean things about the crypto industry.

Indeed, regulators have recently tightened their stance on crypto-assets. Recently, U.S. senators again demanded that Fidelity Investments exclude bitcoin from pension plans due to its high volatility.

In addition, in November the U.S. Congress became more active in working on the Digital Consumer Protection Act (DCCPA).