Ted Cruz Goes Viral With Passionate Crypto Speech – Gains Crypto Fans

Senator Ted Cruz has gained crypto fans following his speech at the beginning of the month. The senator’s speech went viral as he urged his fellow colleagues to refrain from killing cryptocurrencies through regulations, as they were yet to understand what they are.

The senator gave his speech on the floors of the US Senate, where he criticized other senators who were advocating for including extra tax enforcement measures on cryptocurrency transactions. The senators intended to include the extra provision on the $1 trillion bipartisan infrastructure bill.

Most Senators Don’t Understand Cryptocurrencies

Cruz also critiqued the other senators for not understanding cryptocurrencies, despite advocating for unfair regulations in the sector. “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,” he said.

In his speech, Cruz stated that further discussions related to this matter needed to be held before any conclusive decision can be made. He further pointed out different segments of the bill that did not sit right with him.

One of these segments was the broad definition of a “broker.” He stated that if the bill did not clarify who a digital asset broker was, it would stifle innovation in this sector and force all players in the crypto sector to report transactions similarly to financial institutions. This was something that few participants in the crypto sector could comply with.

The infrastructure bill comprises block validators as one of the digital asset brokers. However, if these validators are required to comply with the provisions of the infrastructure bill, they could not because they did not have access to customer information. “We shouldn’t destroy people’s lives and livelihoods from complete ignorance,” Cruz added. He stated that the high number of people who have made careers out of cryptocurrencies would be affected if the bill passes.

Cruz’s Speech Goes Viral

Cruz’s speech was supported by some of his colleagues and other crypto enthusiasts. Tom Emmer, a Republican and a co-chair for the Blockchain Caucus, tweeted his support for Cruz’s speech, urging the Senate to consider the proposed amendments of the bill that clearly define crypto brokers. He urged the Senate to exempt crypto players who do not conduct crypto transactions and rather deal in mining, blockchain software, and other similar areas.

However, the amendment was blocked, and the $1 trillion infrastructure bill was passed. A Bloomberg report stated that the bill contained a language that had a broad oversight on virtual currencies. However, Bloomberg added that there was still a long way to go before the bill became law. It still had to pass through the House of Representatives in the coming months. Taxing cryptocurrencies aims to reduce the tax gap by around $28 billion.

Others Back Cruz

Recently, a Coinbase Executive slammed the infrastructure bill for not being definitive and failing to clear some areas of concern. Lawrence Zlatkin, Coinbase’s Global VP of Tax, stated that the $28 billion tax gap that cryptocurrencies were supposed to cover was a mere drop in the ocean, given that the tax gap stands at $1 trillion. Furthermore, Zlatkin supported Cruz’s sentiments that not defining digital asset brokers could inhibit compliance and stifle innovation in a technology that is still new.

On his part, Senator Ted Cruz has been a major supporter of cryptocurrencies. After a Bitcoin mining crackdown in China, most mining hubs stated that Texas would most likely become the next major mining hub because of friendly crypto regulations. Other political leaders in Texas, including the state’s governor, Greg Abbott, have ensured the state is the next mining hub.

Texas is also suited as a mining hub, given that around 20% of its energy comes from wind power. This will make Bitcoin mining in the state a greener alternative compared to China, where approximately two-thirds of energy is sourced from coal.

Abbot approved a law in May that placed cryptocurrencies under commercial law. This would make it easier for businesses dealing in cryptocurrencies to operate in the state. This overwhelming support from leaders within the state will place Texas on the global map regarding booming crypto adoption.

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