- November 2, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Per a report by Breitbart News, U.S. Senator Ted Cruz (R-TX) has introduced a resolution that could bring Bitcoin right to Congress. The government official proposed legislation on November 1st for the institution to increase its awareness and involvement with digital assets.
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According to the report, Cruz proposed an Exchange of Payment for Transactions resolution. If approved, 3 key departments within the U.S. Congress would have to adopt Bitcoin (BTC) as a medium of exchange.
The offices of the Architect of the Capitol, the Secretary of the Senate, and the Chief Administrative Officer of the House of Representatives would need to comply with the legislation. This means that they would have to enter deals with food services and vending machines providers capable of taking Bitcoin as payment.
In addition, the congressional gift shops would need to set up a Bitcoin and crypto-friendly check out to be capable of complying with the legislation proposed by Cruz. The Senator has come up as a Bitcoin supporter, especially in 2021.
While some of his colleagues tried to limit the crypto industry via the infrastructure bill, Cruz publicly exposed the proposed legislation as an “attack on crypto”. After the bill was passed on the Senate floor, Cruz commented:
What the Senate said tonight: Let’s tax the hell out of something we know nothing about, so we can pass a giant bill we haven’t read, and spend the American people’s money on stuff we can’t afford. It’s reckless & harmful.
Thus, many within the space felt like Cruz voiced the general sentiment. Since that moment, the Senator has been more public on his pro-Bitcoin stance calling the cryptocurrency a potential solution to help Texas improve its electrical grid.
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Everything Is Bigger In Texas Including Bitcoin
As Bitcoinist reported, Texas is one of the U.S. states with growing Bitcoin adoption. Together with Florida, it could potentially become a BTC Hub in the country with their friendly legislation, particularly towards the BTC mining sector.
Expanding on his proposal, Senator Cruz told to Breibart News that he wants to make the U.S. Congress a leading institution in terms of Bitcoin and crypto adoption. The government official said:
As consumers better understand and embrace cryptocurrency, merchants are increasingly accepting crypto as a payment method. Congress is typically slow to adopt new technology. My bill would position Congress to lead on this issue by having congressional cafeterias, vending machines, and gift shops accept crypto payments.
As of press time, Bitcoin trades at $63,324 with a 3.94% profit in the daily chart.
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