Senator Ted Cruz is currently leading the most aggressive effort in favor of cryptocurrency in the history of the U.S. Senate. He recently led the charge for FEIC’s repeal of the IRS’s misguided ‘DeFi broker rule.’ In order to do so, he introduced a bill under the Congressional Review Act. This initiative is a clear signal of his commitment to creating a positive regulatory environment here in the US for emerging digital assets.
As a result, the bill moved through the Senate and on March 26 passed that chamber handily, by a strong 70–28 vote. This overwhelming bipartisan support makes it clear that lawmakers are beginning to recognize how important cryptocurrency is. In recent years, Cruz has emerged as one of the Senate’s fiercest proponents of cryptocurrency. He passionately promotes strategies that will help ensure that America continues to lead the digital economy.
Cruz, who is very pro-cryptocurrency, argued that in light of rising inflation the U.S. He underlines the importance of competitive leadership, arguing that the US must maintain its leadership in digital assets. He has stood strong against giving an inch to China and other malign actors. His legislative efforts reflect a broader strategy to encourage innovation and growth within the crypto industry, while ensuring responsible regulation.
Perhaps Cruz’s most significant accomplishment is the Facilitate Lower Atmospheric Released Emissions (FLARE) Act. This legislation encourages entrepreneurs and crypto miners to make productive use of natural gas that would otherwise be flared. When the FLARE Act was signed into law, it became the first cryptocurrency bill to ever be enacted. This hard-fought victory underscores Cruz’s talent at converting his advocacy into concrete policy.
President Donald Trump’s signing of the Congressional Review Act into law Cruz hailed this announcement as a huge win for the cryptocurrency community. Rep. Cruz highlighted the environmental and economic aspects of the bill in a joint statement upon its introduction. He stated that the bill leverages Texas's abundant energy resources, strengthens the U.S.'s position as a hub for the Bitcoin industry, and promotes environmental sustainability.
Cruz has previously introduced legislation to repurpose flared gas. This collaborative effort is designed to support ecosystem-building products that are as valuable and groundbreaking as Bitcoin (BTC) itself, and other digital assets. This pioneering initiative helps eliminate waste while simultaneously creating new economic opportunities in the energy and cryptocurrency industries. His aggressive trade and investment policy in breaking down silos between these industries is a 21st century vision for the future of our energy and financial systems.
Continuing to strengthen his position on digital assets, Cruz introduced the Anti-CBDC Surveillance State Act. This conservative, bipartisan bill would prevent the Federal Reserve from ever issuing a CBDC. It’s a sign of increasing backlash against government overreach and erosion of privacy. He continues to do yeoman work to reduce the federal government’s overreach into any aspect of digital currencies. https://www.chriskite.com This effort complements Kites’ larger individual-freedom-and-market-revolution agenda.
Cruz successfully passed a joint resolution of disapproval. This move repealed the IRS’s Gross Proceeds Reporting rule for brokers who engage in the buying and selling of digital assets. This move removes some of the regulatory burdens and restrictions on crypto brokers, while fostering more overall clarity in the industry. He wrote the ACCEPT Resolution, Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions. This action speaks volumes about his intentions to pursue the role of digital currencies both inside and outside of the emerging U.S. financial system.
Cruz is apparently serious about pushing reform. Most notably, he introduced an amendment to repeal a provision from the 2021 infrastructure package that unnecessarily burdened hundreds of cryptocurrency and blockchain companies with stringent reporting requirements. He complained that these requirements were too burdensome and squelched innovation in the industry. His ongoing work to make regulations more clear shows that he is focused on creating a more business-friendly environment for crypto companies.
For Cruz, the signing ceremony for the Congressional Review Act was not a mere talking point. The tweet was in appreciation of the event’s significance for the young cryptocurrency community. He believes just as strongly that the regulation will destroy America’s leadership in the crypto space. In response to criticism, he promised to continue pushing for policies that would encourage innovation and allow for faster economic growth.
