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Texas Senator Ted Cruz is making headlines as of late after giving a speech on the Senate where he lashed out at fellow lawmakers trying to include a provision within the highly contested one trillion-dollar bipartisan infrastructure bill. Once the bill with the said provision goes into full swing, the statesman said that it would bring dire consequences within the U.S. cryptocurrency scene.
Senator Ted Cruz for crypto
Cruz criticized fellow senators on Monday as he is for the removal of what he deemed as “harmful regulations” to the industry of cryptocurrency. People who are not in favor of such a provision – just like the Texan senator – highlighted that it will ultimately pull the plug on the crypto industry in America.
Blasting fellow lawmakers
One of the most notable parts of Cruz’s speech was when he blasted his colleagues for not having adequate knowledge as to “what in the hell cryptocurrency is.” He said, “Let’s recognize 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 reminded other senators to not send cryptocurrencies overseas to their competitors just because they made it (crypto) impossible for them to succeed in the U.S. He also pointed out the sheer number of cryptocurrency users across the globe and the people in the country that built their careers around it.
He also included his state of Texas as the one leading the way being the go-to place for cryptocurrency businesses. However, with the trillion-dollar infra bill on the horizon all that is currently in peril.
Further, he said that the current bill broadens the definition of broker – those that are tasked to gather details on cryptocurrency consumers and later on relay the collected data to the IRS. This means that every single participant within the cryptocurrency structure will be compelled to work as a financial institution which translates that it will be a requisite for them to supply IRS with their consumers’ information – even if they don’t have that information. Cruz went on to say, “This overly broad definition of the word ‘broker’ will block rapid innovation in cryptocurrencies and it will endanger the privacy of many Americans and cryptocurrencies.”
Before ending his speech, he commended Senators Toomey (R-PA) and Lummis (R-WY) “for trying to find an incremental approach,” though this was objected to by a senator from Vermont.
Think about it, be cautious, be reasonable
The senator – at the tail end of his speech – pointed out that his amendment was pretty simple and will not introduce anything new to the much-debated bill. Cruz stated that it would just strike the provisions before advising other senators to think about it, be cautious, and be reasonable. He went on to say to not “be the number one economic developer for the Communist Party of China” via sending cryptocurrencies overseas to their competitors because they made it impossible for such businesses to be successful in the U.S.
