US politicians are divided on the issue of crypto coins, and the crowd is standing on the wrong side. A small number of crypto supporters are political, and crowded crypto skeptics threaten the future of the market. Recently, one of the skeptical politicians made an important statement. So what do these explanations mean? What kind of approach will be adopted against crypto currencies?
Crypto Coins Are Over Now
Democratic Senator Jon Tester took the stage as another anti-crypto. The US Senator says that cryptocurrencies do not actually generate value and he sees no reason for them to exist. Tester has served as Montana’s senior Senator since 2007. He is also a member of the Senate Banking Committee, which is an important party in the ongoing debate on US crypto regulation. The problem is, Jon also really has a say in the regulations, and the outlook doesn’t look good for the market at all.
“I don’t think that cryptocurrencies have a real value. What else is synthetic (artificial, fake)? He couldn’t find anyone who could explain it to me. The problem is exactly this, if we regulate the crypto money markets, if we regulate this market, we will give it legitimacy, people will start to think that it is real. I also conveyed this opinion to some regulators a few weeks ago.”
Cryptocurrency Regulation
Although Tester claims that he is not a regulator, his membership in the Senate Banking Committee gives him serious skills in cryptocurrency regulation. He will also have his signature on the decisions taken and to be taken in this area. Democratic senators gathered to focus on the agenda of the banking committee after the US midterm elections. Dec. According to a Roll Call article, party leaders have expressed reservations about the proposed Digital Commodity Consumer Protection Act (DCCPA), which would make the CFTC the primary authority for U.S. crypto regulation instead of the Securities and Exchange Commission or other agencies. In Semaphore’s article published on December 2, many Democratic senators expressed their disapproval of cryptocurrencies. Crypto-enemy Elizabeth Warren has prepared a bill that will clamp down on crypto.
Senator Tester was among the leading opponents of Facebook’s failed crypto currency project Libra in 2019. This attitude of the Democrats towards crypto currencies was not so harsh when the SBF was scattering money on them during the election period.
Are you following our Telegram address?