Ted Cruz of Texas seems to have decided that cryptocurrency is the currency of tomorrow. The legislation he introduced Monday officially recognized it as possible in the Capitol. Nearly, the Republican Senator seemed to be doing it to make a statement against bureaucrats trying to eliminate digital money.
Adopting Cryptocurrency for Payment in Congress would allow Secretary of Senate and Architect of Capitol to be able to negotiate contracts to receive cryptocurrency payments from various service providers, such as gift shops.
Breitbart claims that Cruz said in a statement to the group that Congress might adopt the payment, in an effort to spread awareness about crypto currencies.
“As consumers better understand and embrace cryptocurrency, merchants are increasingly accepting crypto as a payment method. Congress is typically slow to adopt new technology,” Cruz explained to Breitbart News. “My bill would position Congress to lead on this issue by having congressional cafeterias, vending machines, and gift shops accept crypto payments.”
Cruz led the charge in the crypto space, while Republicans and Democrats pursued regulation of this burgeoning sector that could kill jobs, damage American liberties and move future cryptocurrency jobs offshore.
Breitbart reported Cruz’s opposition to the $1.2 Trillion Infrastructure Investment and Jobs Act. This bill included a $30B regulation for the crypto market. Cruz argued for the removal from the bill of the amendment.
“Let’s recognize that if we gathered all 100 senators in this chamber and asked them to stand up and articulate two sentences defining what in the hell a cryptocurrency is, that you would not get greater than five who could answer that question,” Cruz said during a floor speech on the subject.
Cruz mentioned in an interview at the Texas Blockchain Summit last month that he desires Texas to become the “center of the universe” for cryptocurrencies.
Indeed, lawmakers have begun targeting crypto for regulation and there are calls for it from various outlets such as the New York Times who warn that unless lawmakers act quickly it could result in a lot of “consumer abuse.” Indeed, Congress has begun trying to regulate it but as Cruz points out, they don’t even know what it is they’re regulating and seem to be acting on pure authoritarian instinct.
At the most, this resolution would introduce lawmakers to the concept at a level they can directly experience.
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