Crypto Regulation Will Make People Believe it’s Real, says US Senator

Crypto Regulation

Cryptocurrencies have their sides divided when it comes to perception of people towards the burgeoning asset class. Many financial authorities and people on authoritative designations also have different opinions regarding digital assets. In the US, for instance, Republicans and Democrats hold different views. 

Senator Questions on Existence of Crypto

On many instances, Senators were witnessed to represent their remarks over crypto assets. Another statement was registered recently by United States Senator Jon Tester. He appeared on a television program where he said that expressed his opinion that ‘cryptocurrencies should not exist.’

The Democrat Senator said that it (crypto) has not been able to pass the smell test for him. He said no one is able to explain to him what it actually is other than just air. While adding that he is not a financial person who handles the regulation, he also does not see any reason behind the existence of anything like cryptocurrency. 

In addition, over the question of regulating crypto he said that regulating the asset class would indicate to people that ‘its real’.

Earlier Massachusetts Senator Elizabeth Warren also reported calling out crypto for posing a threat to the economy. An op-ed by Warren in the Wall Street Journal consisted of arguments around whether the nascent asset class holds the potential threat for financial and economic conditions. 

Senator Warren is cited as the harshest critic of crypto and she also compared bitcoin with air when she said that buying the largest cryptocurrency is like buying air. 

Senator Raising Issues With Crypto

TheCoinRepublic reported earlier that the Democrat Senator was on to research crypto and found several potential issues. She was said to find issues with taxation, regulations, national security threat as well as threat on climate, etc. 

In addition, she also noted the fall of FTX as the crypto exchange went on to file for Chapter 11 Bankruptcy in November. She also called out for the regulations citing the instance. Senators believed that more illicit people and criminals are involved in activities in order to launder their money and avoid taxes using crypto. 

Last year she termed cryptocurrencies as the asset class for criminals and also called crypto as ‘the new shadow bank.’

Source: https://www.thecoinrepublic.com/2022/12/12/crypto-regulation-will-make-people-believe-its-real-says-us-senator/