Senator Ted Cruz is pushing his agenda to have cryptocurrency accorded a favourable regulatory environment and adopted even in the corridors of Capitol Hill. On Wednesday, the Republican representing Texas introduced a resolution to have the digital assets accepted as payment within the premises of the Congress.
The proposal – which appeared on the concurrent resolution for formulating or amending rules applicable to the House of Representatives and the Senate – currently awaits the approval of both houses. It does not require presidential assent to become law if it gets the necessary threshold.
Ted Cruz’s motion comes barely a month after the creation of the Digital Assets, Financial Technology, and Inclusion sub-committee under the leadership of the chair of the House Financial Services Committee, Patrick McHenry (R-NC), who vowed to have a sound regulatory framework for digital assets during his selection.
Cruz Is One of the Vocal Congressmen Supporting BTC Mining
Mr Cruz’s backyard, Texas, has had significant activity in crypto mining, a sector that the Senator has been supporting. Last year during a visit to a bitcoin mining facility in Rockdale, the Republican lauded his state for being at the centre for crypto innovation, adding that he was ‘‘proud to lead the fight for the industry in the senate.’’
See Related: Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library
Besides pushing for proper regulations, Cruz is also an investor in cryptocurrencies. In a financial disclosure filing shared a year ago, the politician who vied for the presidency in 2016 disclosed that he had between $15,001 and $50,000 invested in Bitcoin. Other crypto investors among the Congress members include Sen. Cynthia Lummis and Sen. Pat Toomey, who most recently proposed a stablecoin bill for payments framework.
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