As evidence of Republicans’ persistent attention to regulations governing digital assets, Senator Ted Cruz submitted a bill in the Senate on Wednesday that calls for crypto payments within the Capitol.
The new instruction encourages officials in the House of Representatives and Senate who are in charge of daily operations to collaborate with “persons that will accept digital assets as payment for goods” and food services.
The proposal mentions locations such as gift stores and vending machines where digital payments might be accepted. Cruz campaigned for the adoption of cryptocurrencies like Bitcoin as a method of payment within Capitol facilities through a letter with similar wording last November.
The amendments were proposed in a so-called concurrent resolution, which, according to the Senate’s website, is “generally used to make or amend rules that apply to both houses.” The proposal would still need to be approved by the House and Senate to become law, even though the president’s signature is not required.
After the Subcommittee on Digital Assets, Financial Technology, and Inclusion was established earlier this month, Ted Cruz made his move on Wednesday. One of its primary objectives as a House Financial Services Committee division is to create “clear rules of the road among federal regulators.”
Creating a comprehensive regulatory framework for the digital asset ecosystem was an important goal of Congressman Patrick McHenry’s (R-NC) when he was chosen chairman of the House Financial Services Committee last month.
Texas has developed into a hub of activity for mining cryptocurrencies like Bitcoin over time, and Cruz has also welcomed the industry. After touring a mining plant this past summer, the senator expressed his pride in leading the fight for the cryptocurrency business in the Senate.
A lot longer than a year has passed since he last advocated for the crypto community. The Texan expressed support for changing a $1 trillion infrastructure package that was being enacted at the time in August 2021 in order to remove non-custodial crypto entities, such as Bitcoin miners, from an included tax reporting obligation.
He later sponsored legislation that tried to abolish altogether the cryptocurrency provisions included in the Infrastructure Investment and Jobs Act. However, the effort eventually failed.
He is among the many government figures who have disclosed their financial information in order to shed light on their Bitcoin purchases, along with Sen. Cynthia Lummis (R-WY). According to a document, Cruz bought Bitcoin through the exchange River Financial between $15,001 and $50,000 almost precisely a year ago.