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Texas Senator Ted Cruz Reaffirms His Support for Crypto Industry

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Sun, 08/08/2021 - 13:23
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Alex Dovbnya
Texas senator Ted Cruz has sided with the cryptocurrency industry
Texas Senator Ted Cruz Reaffirms His Support for Crypto Industry
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In a recent tweet, Texas Senator Ted Cruz has reaffirmed his support for the cryptocurrency industry by strongly supporting an amendment to the damaging cryptocurrency provision in the infrastructure bill that was put forward by Ron Wyden (D-OR), Patrick Toomey (R-PA), and Cynthia Lummis (R-WY).

The former Republican presidential candidate also pointed to the fact that he had come up with his own rewrite that would completely remove from the legislation.

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However, his proposal to strike provision is unlikely to secure enough votes, which is why it never gained traction. A White House-endorsed amendment that was put forth by Senators Rob Portman (R-OH) and Mark Warner (D-VA) has been amended to no longer give a pass to proof-of-work after an outcry, but it still fails to exclude protocol developers.

The Senate will hit the floor to continue debating the infrastructure bill later today.

As reported by U.Today, Cruz said that Bitcoin had "a lot of potential" during his June interview with Fox News host Sean Hannity.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.