Introduction
Cryptocurrency is a controversial topic. People have different opinions about whether it should exist, and some people believe it’s not safe to use at all. Montana’s senior Senator and Democratic Caucus Vice Chair, has made a statement regarding his stance on cryptocurrency. Tester claimed that cryptocurrencies should not exist. Tester wrote a letter to the government’s watchdog agency that he believes cryptocurrency should be “eliminated.” Tester’s position is largely in line with the United States’ treasury secretary, Steven Mnuchin. Tester appears to have gotten some of his facts wrong: Many people believe that cryptocurrency has positive potential; for example, many believe that blockchain technology could help solve problems like global warming by bringing transparency into things like carbon emissions trading markets
Montana’s senior Senator and Democratic Caucus Vice Chair, has made a statement regarding his stance on cryptocurrency.
If you’re a crypto enthusiast, you may want to take note of the comments made by a man who represents your state in the U.S. Senate.
Sen. Jon Tester (D-MT) is the senior Senator from Montana and also serves as the Democratic Caucus Vice Chair. In an interview with Bloomberg News, Sen. Tester expressed some doubt over cryptocurrencies’ viability—though he did say that he hasn’t invested in BTC or any other digital assets himself: “I don’t see it as having any value at this point.”
Tester claimed that cryptocurrencies should not exist.
According to Montana Senator Steve Daines, cryptocurrencies should not exist—and he says it’s because they are all a fraud.
“It’s a scam. It’s a Ponzi scheme,” said Daines on CNBC’s “Squawk Box.” “I think people who invest in it are going to lose their money.”
His comments come after SEC Chairman Jay Clayton warned investors about the risks of initial coin offerings (ICOs), which can be used by fraudsters to raise funds for their projects by selling digital assets that don’t have any intrinsic value or assets backing them up. In other words, they’re basically just tokens that you purchase with your hard-earned cash and hope that these companies will use them as currency once they launch their product or service.
Tester wrote a letter to the government’s watchdog agency that he believes cryptocurrency should be “eliminated.”
The U.S. Treasury Department is tasked with overseeing the enforcement of financial sanctions, which often include cryptocurrencies and other digital assets. The agency’s head, Steven Mnuchin, recently published an op-ed on Forbes magazine voicing his support for the industry while also noting that he supports regulation. Tester has urged the treasury secretary to “eliminate” cryptocurrency altogether based on his belief that it should not exist in its current form or at all:
- “Recently your agency has been called upon to help manage our nation’s finances,” he wrote in the letter last week. “Now more than ever before, we need someone who can protect against the dangers of cryptocurrencies.”
Tester’s position is largely in line with the United States’ treasury secretary, Steven Mnuchin.
Tester’s position is largely in line with the United States’ treasury secretary, Steven Mnuchin. In an interview on CNBC, Mnuchin said that he wants to “stop” bitcoin and other cryptocurrencies from being used for money laundering. He also expressed concerns about cryptocurrency’s use as a tool for terrorism funding and its potential impact on the global financial system.
Tester and Mnuchin both believe that cryptocurrency should be regulated by the government. In February 2019, Tester introduced legislation called “The Virtual Currency Consumer Protection Act,” which would create more stringent regulations for cryptocurrency trading platforms.
Tester appears to have gotten some of his facts wrong.
The letter was based on a report by the U.S. treasury department, which means that Tester’s assertions are actually just the opinion of the treasury department and not necessarily accurate statements about cryptocurrency in general. For example, he writes:
“There is no evidence that cryptocurrencies have ever been used to support any type of terrorism or criminal activity.”
This is factually incorrect. Cryptocurrencies have been used as part of money laundering schemes, and it’s almost impossible for authorities to track where these funds came from or where they were sent when they were purchased with cryptocurrencies like bitcoin or monero (a privacy-focused coin). This use case has been demonstrated by several high profile cases involving cryptocurrency users such as Ross Ulbricht (the creator of Silk Road) and most recently John Tomlin who was sentenced to 10 years in prison for his role in a dark web marketplace called Dream Market where users could purchase illegal goods with bitcoin.
Many people believe that cryptocurrency has positive potential.
Senator Warren’s claim that cryptocurrency shouldn’t exist has caused a stir in the crypto space, as many people believe that cryptocurrency has positive potential.
According to Coinmarketcap, there are currently 3,015 cryptocurrencies listed on their website. Many of these cryptocurrencies have been used to help people and the environment through charity donations and buying products from companies who are interested in making changes for the better. Cryptocurrencies can also be used to invest in green energy infrastructure and promote sustainable practices by individuals and businesses alike.
The U.S. senator from Montana is skeptical about cryptocurrency as a whole.
You may have seen the news recently that a U.S. senator from Montana is skeptical about cryptocurrency as a whole. Senator Steve Daines made his remarks at a hearing with the Congressional Committee on Banking, Housing and Urban Affairs, in which he stated that cryptocurrencies don’t meet the definition of money and shouldn’t be treated as such by governments or citizens.
According to Daines, “Bitcoin is not real currency, it is fake currency…When you start regulating Bitcoin then you are starting to regulate it as if it is real money.” While his position largely lines up with Steven Mnuchin, Secretary of Treasury for Trump Administration (and former CEO at Goldman Sachs), Senator Daines appears to have gotten some of his facts wrong when talking about what makes something “real currency.”
The fact that many people believe in cryptocurrency demonstrates how much promise it has for our future—not just because people want value from their investments but also because cryptocurrencies can help solve problems like poverty and unequal access to healthcare globally by making payments more efficient while being cheaper than traditional forms of payment like checks or credit cards.*
Conclusion
The fact is that cryptocurrency has been around for a while now. And it seems that Senator Tester feels threatened by it, as he wants to make sure nobody else can use these currencies. In this sense, he’s not alone—there are many people who feel afraid of what happens when people start thinking outside the box and making decisions based on their own personal values instead of following orders from above. But just because somebody disagrees with something doesn’t mean they have to try so hard to stop it! In this case we’re talking about money and financial freedom; if anything deserves our support, shouldn’t it be those things?
