Ted Cruz wants Texas to be a Crypto Hub

Key Takeaways

  • Senator Ted Cruz wants Texas to be the epicentre of cryptocurrency development, he stated, “I believe in Bitcoin.”
  • Cruz, a Republican, delivered the keynote lecture at the Heritage Foundation, a conservative think tank, on May 23 at an event titled “Bitcoin and the American Experiment.” He was referring to the state of Texas’ recent development of cryptocurrency mining.
  • The senator specifically targeted Democratic Senator Elizabeth Warren, who recently branded cryptocurrency as a threat to global financial sector stability.

Ted Cruz, a long-time Republican senator from Texas and a vocal advocate of cryptocurrencies, gave a speech on May 23 at the conservative think tank Heritage Foundation titled “Bitcoin and the American Experiment” regarding cryptocurrencies and their potential development and contribution in his home state.

“I believe in Bitcoin,” Cruz remarked. I want Texas to be the bitcoin and cryptocurrency haven on the planet.”

In his address, he also mentioned the Democrats’ negative stance toward cryptocurrencies, and how they want to put them under government control through punitive regulations like the one included in the Infrastructure Act.

Senator Ted Cruz opposed the measure, even proposing an amendment that was later rejected, and it provides for an extremely strict taxing structure for gains from cryptocurrency.

Ted believes that Bitcoin and cryptocurrency symbolises freedom, and it’s not strange that most Democrats oppose them because they can’t regulate cryptocurrencies.

Ted posted an article on Twitter explaining why crypto companies are migrating to Texas, and he stated that Texas will continue to be a leader in crypto innovation and development!

If one is only interested in crypto mining, Texas is the place to be because the state is ready to bargain “amazing” rates for the energy-intensive business.

“Being in Dallas has been a significant selling point for investors because they know it’s becoming the mining epicentre of the United States,” said Nevin Bannister, co-founder and CEO of Blockmetrix, a Dallas crypto mining business that launched in July and has already received $50 million.

Ted directly polemicized Democratic Senator Elizabeth Warren:

On the left side of the political spectrum, there were many potshots. “They don’t like something they can’t manage,” Cruz said of fellow Senator Elizabeth Warren while describing China’s new crackdown on crypto. That is the same reason why most Democrats dislike bitcoin. Why does Elizabeth Warren toss and turn and twitch in the evenings because of bitcoin? Because she wants her sticky little socialist fingers to be able to manage every dime in each of our bank accounts.”

Always supportive of the bitcoin community, the Texas senator submitted an amendment to the Infrastructure Bill in November to reduce the tax burden imposed on cryptocurrencies by the new law.

In his speech, he slammed Senator Elizabeth Warren, who has long supported extremely restrictive cryptocurrency regulation. She criticised the decentralised finance of cryptocurrency as harmful for investors and the international financial system in a hearing before the Senate Finance Committee in December.

He also said that creating a state digital currency would be a horrible idea, since it would be yet another attempt to constrain and restrict free and private cryptocurrencies.

Moreover, the senator, who previously confirmed to have invested $50,000 in Bitcoin, praised Texas for its move to accept Bitcoin miners following China’s prohibition. According to him, this move might turn Texas into a global cryptocurrency center.

Ted Cruz Wants Texas To Be A Crypto Hub

Cruz also took on the subject of digital foreign money from the central bank.

“I believe that the idea of a central financial organisation is horrifying. “I feel it is a really dangerous concept,” he added, blasting Federal Reserve Chairman Jerome Powell’s collaboration with Senate Banking Committee Chair Sherrod Brown.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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