A US Senator claims that cryptocurrency should not exist.

During an appearance on NBC’s “Meet the Press” on Sunday, Sen. Jon Tester (D-Mont.) stated that cryptocurrencies should not exist.

“I’m not a financial person who does regulation, but I don’t see why this stuff exists,” Tester told moderator Chuck Todd.

The senator claims that the largest cryptocurrency has failed “the smell test.”

The value of the cryptocurrency market, according to Tester, appears out of thin air.

According to U.Today, Massachusetts Senator Elizabeth Warren, known as one of the harshest cryptocurrency critics on Capitol Hill, recently wrote an op-ed in the Wall Street Journal arguing that cryptocurrencies could bring the entire economy down if not properly regulated. Warren compared purchasing Bitcoin to purchasing air last year.

Unlike other cryptocurrency detractors, Tester advocates against cryptocurrency regulation. The Montana senator believes that regulations will help to legitimize cryptocurrencies. “If we regulate it, it may give people the impression that it’s real,” he said.