Senator Ted Cruz introduced a measure in the Senate Wednesday advocating for crypto payments within areas of the Capitol, a sign of Republicans’ continued focus on rules related to digital assets.
The new directive would apply to officials tasked with overseeing day-to-day operations within the House of Representatives and Senate, encouraging them to work with “persons that will accept digital assets as payment for goods” and food services.
The proposal references areas of the Capitol where digital payments could work, like at gift shops or vending machines. This past November, Cruz pushed for adopting cryptocurrencies such as Bitcoin as a form of payment within Capitol buildings through a similarly worded document.
The changes were put forth in a so-called concurrent resolution, “generally used to make or amend rules that apply to both houses,” according to the Senate’s website. While it doesn’t need the president’s signature to take effect, the measure would still need 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 goals is to establish “clear rules of the road among federal regulators.”
When Congressman Patrick McHenry (R-NC) was appointed as 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 central focus of his.
Over time, Texas has become a hotbed of activity for mining cryptocurrencies like Bitcoin, an industry that Cruz has largely embraced. After visiting a mining facility this past summer, the Senator said, “I am proud to lead the fight for the crypto industry in the Senate.”
Today I had the pleasure of touring the largest #Bitcoin mining facility in North America in Rockdale!
I am proud to lead the fight for the crypto industry in the Senate.
Texas will continue to be the center for crypto innovation! pic.twitter.com/28BYfEhJzQ
— Senator Ted Cruz (@SenTedCruz) August 30, 2022
His history of swinging for the crypto faithful goes back well beyond a year. In August of 2021, the Texan vocalized support for amending a $1 trillion infrastructure bill being passed at the time to exempt non-custodial crypto firms–like Bitcoin miners–from an included tax reporting requirement.
The effort ultimately failed, but Cruz later introduced legislation that sought to repeal the cryptocurrency provisions included in the Infrastructure Investment and Jobs Act entirely.
Cruz is also one of the numerous elected officials, including Sen. Cynthia Lummis (R-WY), that have provided insight into purchases of Bitcoin through financial disclosures. A filing indicates that Cruz purchased between $15,001 and $50,000 worth of Bitcoin through the exchange River Financial almost exactly one year ago.
