Senator Ted Cruz introduced a measure in the Senate on Wednesday advocating crypto payments in US Capitol districts. This was seen as a sign that Republicans continue to focus on rules regarding cryptoassets. Here are the details…
A proposal has been submitted for cryptocurrencies to come to Congress
The new directive will apply to officials tasked with overseeing day-to-day operations within the House of Representatives and the Senate. The proposal refers to areas of the Capitol where crypto payments can work, such as gift shops or vending machines. Last November, Cruz pushed for the adoption of cryptocurrencies like Bitcoin as a form of payment in the US Congress buildings through a document with similar wording.
The changes were introduced in a simultaneous resolution “usually used to make or change rules that apply to both houses,” according to the Senate’s website. While it doesn’t need the president’s signature to take effect, the measure must be approved by both the House and Senate. Ted Cruz’s move on Wednesday follows the creation of the Digital Assets, Financial Technology and Inclusion Committee earlier this month. As a subsection of the House Financial Services Committee, one of its main goals is to establish “clear rules of the road between federal regulators.”
When US Congressman Patrick McHenry was appointed chairman of the House Financial Services Committee last month, he stated that developing a “comprehensive regulatory framework for the crypto-asset ecosystem” would be his main focus. Over time, Texas has become a hotbed for mining cryptocurrencies like Bitcoin, an industry that Cruz has embraced heavily. “I am proud to be leading the fight for the crypto industry in the Senate,” the Senator said after visiting a mining facility last summer.
Cruz bought Bitcoin
In August 2021, the Texas Senator expressed his support for amending a $1 trillion infrastructure law passed at the time to exempt crypto companies that are not under surveillance, such as Bitcoin miners, from an included tax filing requirement. The effort ultimately failed, but Cruz later passed a law that sought to completely repeal the cryptocurrency provisions contained in the Infrastructure Investment and Jobs Act.
Cruz is also one of several officials, including Senator Cynthia Lummis, who provides information on Bitcoin purchases through disclosures of her financial holdings. cryptocoin.comAs we reported, a document shows that Cruz purchased between $15,001 and $50,000 worth of Bitcoin almost exactly a year ago through the River Financial exchange.
