By George Ward
During a recent interview with Bloomberg, Senator Raymond Jon Tester expressed his reservations about the crypto industry. He argued that there was no reason for the existence of digital currencies.
When asked if the government should regulate crypto or ban it, he responded that deciding to neither ban nor regulate crypto isn’t changing his view. Nothing is fascinating about cryptocurrencies other than aesthetics.
Moreover, Tester mentioned his concerns regarding the regulation of crypto, arguing that it could lead people to believe that the concept is legitimate, suggesting that his response to the question of banning or regulating crypto leaned more towards the latter.
Interestingly, many people support the regulation of cryptocurrencies, while some vote for a complete ban. Critics of Senator Tester claim he forces his opinions on people expecting them to be accepted without question.
More Critics Of Crypto Adoption
Along with Jon Tester, Senator Elizabeth Warren is another popular crypto critic. In a joint effort with Senators Tina Smith and Richard Durbin, she requested that Fidelity Investments, a major financial service, reconsider the exposure of its workers’ retirement plans to Bitcoin.
Additionally, they stated that there is a lack of integrity in the crypto industry. They further said that thousands of unprofessional and self-proclaimed industry founders promote financial products without any plan for maintenance or transparency.
Warren stated in a Semfor interview that there had been more optimistic fraudsters than real owners in the crypto market. She added that there’d been a series of attempts by these fraudsters to lobby legislators and scare off further investigations.
Warren also argued that crypto had made some investors wealthy while many lost their funds. She further said there is neither a real road map for establishing crypto nor any genuine reason for its creation.
Regardless of these criticisms, there have been many use cases for cryptos in the last couple of years, with many poised to be launched in the next few years.