Within the midst of a cryptocurrency bear market, Senator Ted Cruz from the Lone Star State is steadfastly pushing for the adoption of digital currencies in the USA, in accordance to The Houston Chronicle.
Cruz has garnered the adoration of a selected subset of Republican major voters who’re captivated with preserving their privateness and anonymity, and avoiding taxes.
The lawmaker has fervently praised cryptocurrency as a momentous innovation that has the potential to disrupt the authority of central banks.
Cruz fears that over-regulation of the crypto business could lead to driving it abroad, much like what China did.
Whereas different lawmakers are advocating for stricter regulation, Cruz believes that the majority of them will not be in a position to comprehend the intricacies of the business, which has prompted him to advocate for its enlargement inside the USA.
Regardless of Cruz’s enthusiasm for digital currencies, he has not obtained substantial monetary contributions from the crypto business.
Public data point out that he has solely obtained meager donations from Kraken crypto trade’s mother or father firm and Bit-PAC, the first-ever Bitcoin political motion committee.
As reported by U.At this time, Cruz has been a vocal proponent of positioning Texas as “floor zero” for the burgeoning crypto sector, a proposition that appears becoming given the state’s appreciable Bitcoin mining operations. The lawmaker has even put forth laws that might allow distributors on Capitol Hill to simply accept cryptocurrencies, and he has underscored the potential of Bitcoin in mitigating Texas’ energy grid predicaments.