Sen. Ted Cruz, a Republican from Texas, has introduced a resolution that would require businesses in and around Capitol Hill to work with payment processors willing to accept bitcoin.
Cruz made the claims in a statement released on January 26. He added that digital currencies create new employment, motivate entrepreneurs to develop new values, create new hedges against inflation and provide new opportunities. In 2021, he introduced the first resolution he wrote on the subject.
A potential boon for the state of Texas, which has been at the forefront of business since China banned bitcoin mining and the resulting hash rate exit in 2021, Senator Cruz sees the benefits of bitcoin mining as a potential boon for the state. Texas.
What Bitcoin Can Do in the Capitol
Even though the initiative to allow the use of bitcoin as payment at merchants may not seem significant at first glance, if approved, it will provide the first major opportunity for members of Congress to use bitcoin as a payment method on a daily basis. .
People who have not seen the use of BTC in a payment situation may find this concept somewhat abstract. Hence, simple resolutions like this can influence the opinion of politicians who are on the margins. For this resolution to be implemented, it must first be approved by both the House of Representatives and the Senate.
Over time, the state of Texas has become a hub of activity for the mining of digital currencies such as BTC. Cruz generally supports this sector of the economy.
After his visit to a mining site last summer, the senator expressed his satisfaction with the adoption of an initiative in the Senate to support the digital currency industry.
Over the years, Cruz has always been one of the most outspoken supporters of Bitcoin. More specifically, the senator has taken a stand in favor of Bitcoin decentralization, claiming on Twitter that many on the left despise Bitcoin because they are unable to control it.
In addition, it was claimed that Cruise made an investment in the largest digital currency at the beginning of last year, which was somewhere between $15,000 and $50,000.