During a recent interview on Meet the Press, Jon Tester went one further — and suggested that digital assets should be banned rather than regulated.
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Some U.S. senators aren't afraid to mince their words when it comes to the crypto industry — and they're feeling especially emboldened following the collapse of FTX.
"It's all bullshit," Sen. Jon Tester recently told Semafor — a news outlet that counts Sam Bankman-Fried himself as one of its investors.
During a recent interview on Meet the Press, the Democratic senator for Montana went one further — and suggested that digital assets should be banned rather than regulated.
"It's not been able to pass the smell test for me. I've not been able to find anybody who's been able to explain to me what's there other than synthetics."
Many politicians and crypto entrepreneurs have been arguing that regulation is the way forward — ensuring this market is treated identically to other asset classes.
But Tester believes that any attempt at regulation could ultimately harm everyday consumers — giving crypto legitimacy and making people think "it's real."
Pulling no punches in his interview with Chuck Todd, he added:
"Truth be known — my personal thought, and I'm not a regulator and I'm not a financial person who does regulation — I see no reason why this stuff should exist. I really don't."
Tester's perspective is significant considering he's a member of the Senate Banking Committee, which is playing a key role in untangling what led to FTX's collapse.
This committee had given Sam Bankman-Fried an ultimatum last week: Confirm you'll testify before this deadline, or we may subpoena you.
SBF failed to respond in time — prompting the committee's leaders to vow that they're determined for him to give evidence.
In the meantime, it looks like the first time FTX's founder will speak to Congress will be on Tuesday, where he's been confirmed as a panel member for a hearing held by the House Financial Services Committee.
