Republican Senator Ted Cruz from Texas is strongly advocating for adoption of digital currencies in US despite cryptocurrency industry being in bear market
In 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 United States, according to The Houston Chronicle.
Cruz has garnered the adoration of a particular subset of Republican primary voters who are passionate about preserving their privacy 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 industry may result in driving it overseas, similar to what China did.
While other lawmakers are advocating for stricter regulation, Cruz believes that most of them are not able to comprehend the intricacies of the industry, which has prompted him to advocate for its expansion within the United States.
Despite Cruz’s enthusiasm for digital currencies, he has not received substantial financial contributions from the crypto industry.
Public records indicate that he has only received meager donations from Kraken crypto exchange’s parent company and Bit-PAC, the first-ever Bitcoin political action committee.
As reported by U.Today, Cruz has been a vocal proponent of positioning Texas as “ground zero” for the burgeoning crypto sector, a proposition that seems fitting given the state’s considerable Bitcoin mining operations. The lawmaker has even put forth legislation that would permit vendors on Capitol Hill to accept cryptocurrencies, and he has underscored the potential of Bitcoin in mitigating Texas’ power grid predicaments.