Your guide to Bitcoin, Ethereum and Web 3.0
Senator Ted Cruz introduced a measure in the Senate on Wednesday advocating for crypto payments within the confines of the Capitol, a sign of Republicans’ continued focus on regulations related to digital assets.
The new directive will apply to officials tasked with overseeing the day-to-day operations of the House of Representatives and the Senate, encouraging them to work with “persons who will accept digital assets as payment for goods” and food services.
The proposal refers to areas of the Capitol where digital payments can work, such as in gift shops or vending machines. Last November, Cruz pushed to adopt cryptocurrencies like Bitcoin as a form of payment in the Capitol buildings through similar wording. document.
The changes were made in a so-called concurrent resolution, “usually used to make or amend rules that apply to both houses,” according to the Senate website. Although it does not need the president’s signature to take effect, the measure still needs to be approved by both the House and Senate.
Ted Cruz’s move Wednesday follows the creation of the Subcommittee on Digital Assets, Financial Technology and Inclusion earlier this month. As a subsection of the House Financial Services Committee, one of its main goal is to establish “clear driving rules among federal regulators.”
When Congressman Patrick McHenry (R-NC) was named chairman of the House Financial Services Committee last month, he stated that developing a “comprehensive regulatory framework for the digital asset ecosystem” would be a key focus for him.
Over time, Texas has become a hotbed of activity for mining cryptocurrencies such as Bitcoin, an industry that Cruz has largely embraced. After visiting a mining facility last summer, the senator said, “I am proud to lead the fight for the crypto industry in the Senate.”
His history of swinging for crypto faithful goes way back over a year. In August 2021, Texan vocalized support to amend a $1 trillion infrastructure bill passed at the time to exempt non-custodial crypto firms — such as Bitcoin miners — from an included tax reporting requirement.
The effort ultimately failed, but Cruz later introduced legislation that sought to completely repeal the cryptocurrency provisions included in the Infrastructure Investment and Jobs Act.
Cruz is also one of them many elected officials, including Sen. Cynthia Lummis (R-WY), who has provided insight into Bitcoin purchases through financial disclosures. ONE archiving indicates that Cruz purchased between $15,001 and $50,000 worth of Bitcoin through the exchange River Financial almost exactly one year ago.
