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Jon Tester, the Democratic senator from Montana who previously called crypto “bullshit,” told Meet the Press audiences on Sunday that there was “no reason why” cryptocurrency should exist.


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"I have not been able to find anybody who's been able to explain to me what's there other than synthetics, which means nothing," he said. “If we regulated it, it may give it the ability of people to think it's real."

"I'm not a regulator and I'm not a financial person that does regulation," Tester said. "I see no reason why this stuff should exist. I really don't."

The statements are noteworthy because Tester sits on the Senate Banking, Housing, and Urban Affairs Committee, which earlier this month sent a letter looking to extend its oversight over the embattled crypto industry.

Tester has previously said that the Senate Banking committee is the appropriate forum to look at the crypto sector, which is facing increased scrutiny from lawmakers in the wake of the FTX collapse. “It needs to be done in this committee, not [the agriculture committee], so CFTC is a ‘no,’” Tester said, referring to the Commodity Futures Trading Commission.