Ted Cruz Intros Legislation to Get Congress to Embrace Cryptocurrency, Utilize It in the Capitol

AP Photo/Sebastian Scheiner

It would seem Texas Senator Ted Cruz is going in on cryptocurrency as the currency of the future as his new legislation introduced on Monday would officially recognize it as useable in the Capitol itself. The Republican Senator almost seemed to do it as an offensive measure against bureaucrats attempting to kill the digital money.

The Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions (ACCEPT) resolution would succeed in making the Architect of the Capitol, Secretary of the Senate, and Chief Administrative Officer of the House of Representatives seeks to enter into contracts with various service providers to accept cryptocurrency as a payment method, including gift shops.

According to Breitbart, Cruz told them in a statement that Congress could adopt the payment in order to raise awareness about cryptocurrencies:

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

Cruz has led in the cryptocurrency space while some Republicans and all Democrats have pursued regulations of the burgeoning industry that would potentially kill jobs, harm American liberties, and send future cryptocurrency jobs overseas.

Breitbart reported that Cruz recently opposed the $1.2 trillion Infrastructure Investment and Jobs Act which included a $30 billion regulation of the crypto industry. Cruz advocated for the removal of this amendment from the bill.

“Let’s recognize that if we gathered all 100 senators in this chamber and asked them to stand up and articulate two sentences defining what in the hell a cryptocurrency is, that you would not get greater than five who could answer that question,” Cruz said during a floor speech on the subject.

Cruz mentioned in an interview at the Texas Blockchain Summit last month that he desires Texas to become the “center of the universe” for cryptocurrencies.

Indeed, lawmakers have begun targeting crypto for regulation and there are calls for it from various outlets such as the New York Times who warn that unless lawmakers act quickly it could result in a lot of “consumer abuse.” Indeed, Congress has begun trying to regulate it but as Cruz points out, they don’t even know what it is they’re regulating and seem to be acting on pure authoritarian instinct.

This resolution would, at the very least, introduce lawmakers to the concept on a level where they can experience it for themselves.