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Why Ted Cruz Wants U.S. Congress Merchants To Accept Bitcoin

Reynaldo Marquez
by Reynaldo Marquez
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Per a report by Breitbart News, U.S. Senator Ted Cruz (R-TX) has introduced a resolution that could bring Bitcoin right to Congress. The government official proposed legislation on November 1st for the institution to increase its awareness and involvement with digital assets.

Related Reading | Why This $100K Bitcoin Purchase By An U.S. Senator Could Be The Most Important To Date

According to the report, Cruz proposed an Exchange of Payment for Transactions resolution. If approved, 3 key departments within the U.S. Congress would have to adopt Bitcoin (BTC) as a medium of exchange.

The offices of the Architect of the Capitol, the Secretary of the Senate, and the Chief Administrative Officer of the House of Representatives would need to comply with the legislation. This means that they would have to enter deals with food services and vending machines providers capable of taking Bitcoin as payment.

In addition, the congressional gift shops would need to set up a Bitcoin and crypto-friendly check out to be capable of complying with the legislation proposed by Cruz. The Senator has come up as a Bitcoin supporter, especially in 2021.

While some of his colleagues tried to limit the crypto industry via the infrastructure bill, Cruz publicly exposed the proposed legislation as an “attack on crypto”. After the bill was passed on the Senate floor, Cruz commented:

What the Senate said tonight: Let’s tax the hell out of something we know nothing about, so we can pass a giant bill we haven’t read, and spend the American people’s money on stuff we can’t afford. It’s reckless & harmful.

Thus, many within the space felt like Cruz voiced the general sentiment. Since that moment, the Senator has been more public on his pro-Bitcoin stance calling the cryptocurrency a potential solution to help Texas improve its electrical grid.

Related Reading | Ted Cruz Says Crypto “Got Screwed,” Here’s Why

Everything Is Bigger In Texas Including Bitcoin

As Bitcoinist reported, Texas is one of the U.S. states with growing Bitcoin adoption. Together with Florida, it could potentially become a BTC Hub in the country with their friendly legislation, particularly towards the BTC mining sector.

Expanding on his proposal, Senator Cruz told to Breibart News that he wants to make the U.S. Congress a leading institution in terms of Bitcoin and crypto adoption. The government official said:

As consumers better understand and embrace cryptocurrency, merchants are increasingly accepting crypto as a payment method. Congress is typically slow to adopt new technology. My bill would position Congress to lead on this issue by having congressional cafeterias, vending machines, and gift shops accept crypto payments.

As of press time, Bitcoin trades at $63,324 with a 3.94% profit in the daily chart.

Related Reading | By The Numbers: How The Bitcoin Network Went From $0 To $1 Trillion In A Decade

Bitcoin BTC BTCUSD
BTC on a rally in the daily chart. Source: BTCUSD Tradingview
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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