Ted Cruz wants Texas to be a crypto hub

The senator from Texas has again spoken in enthusiastic terms about cryptocurrencies and wants to turn the state into a global hub for the industry.

Texas as the new world hub for cryptocurrencies

Ted Cruz, the long-time Republican senator from Texas and an ardent supporter of cryptocurrencies, spoke about cryptocurrencies and their possible development in his home state in a speech at the conservative think tank Heritage Foundation on 23 May called “Bitcoin and the American Experiment”.

Cruz said: 

“I believe in Bitcoin. I want Texas to be the oasis on planet Earth for bitcoin and crypto”.

In his speech, he also spoke of the hostile attitude towards cryptocurrencies on the part of the Democrats, who would like to bring them under the control of the authorities with punitive laws, such as the one included in the Infrastructure Act.

The law was recently passed and provides for a very stringent taxation regime for gains from cryptocurrencies, which Senator Ted Cruz opposed, even tabling an amendment, which was later rejected. 

Bitcoin and crypto represent freedom.

It’s not surprising that there is tremendous pushback from most Democrats because they cannot control cryptocurrencies.

Thank you to the @Heritage Foundation for hosting this exciting discussion tonight. pic.twitter.com/86DE3ynuCr

— Senator Ted Cruz (@SenTedCruz) May 24, 2022

Specifically, the senator directly polemicized Democratic Senator Elizabeth Warren, who recently described cryptocurrencies as a danger to the stability of global financial markets.

Senator Cruz, referring to the audience, said:

“They don’t like something they can’t control. That is the exact same reason most Democrats don’t like bitcoin. Why does bitcoin make Elizabeth Warren toss and turn and twitch at night? Because she wants her sticky little socialist fingers to be able to control every penny in every one of our bank accounts”.

Ted Cruz fights laws oppressing the crypto market

Furthermore, he called it a bad idea to create a state digital currency, stating that this would be yet another move to try to limit and control free and private cryptocurrencies.

Finally, the senator, who recently claimed to have personally invested $50,000 in Bitcoin, spoke enthusiastically about Texas’ decision to welcome Bitcoin miners after the Chinese ban. This decision could, in his opinion, make Texas a global hub for cryptocurrencies.

In May 2021, the state of Texas passed a new cryptocurrency law, the Virtual Currency Bill, which aims to facilitate cryptocurrency investment and business in the state. However, the US state, which has huge reserves of natural energy and can afford low electricity rates, is also trying to find new forms of energy to enable low-cost cryptocurrency mining, creating an ecosystem as favourable as possible to this type of activity.