By George Ward
Recently, crypto-friendly US Senator and Texas representative Ted Cruz submitted a bill to the Senate. The bill aims to make Bitcoin an acceptable payment method at all vending machines in the Capitol.
The bill, if endorsed, will make Bitcoin a proper payment tool at all food service and vending merchants in the Capitol.
Senator Cruz Submits New Bill To Increase BTC Adoption
Cruz submitted the proposal in a concurrent resolution. However, such a resolution is used to amend or make rules that apply to the House of Rep and Congress.
However, both houses would have to approve the bill for it to become law. Interestingly, the President would not have to sign the bill before it can become law.
In 2022, many believed Texas would turn into a crypto mining hub for Bitcoin. Also, Cruz had stated his willingness to fight for the widespread adoption of crypto.
Cruz has consistently spoken in favor of cryptocurrency, particularly expressing admiration for Bitcoin’s decentralized nature. In 2022, the Senator bought Bitcoin worth about $15,000 to $50,000 despite the huge sell-off due to the poor crypto market situation.
Per reports from a crowdsourced data initiative called “Bitcoin Politicians,” Cruz is among the eight known crypto investors in the US Congress. Meanwhile, some politicians, including Governors, receive their salaries in crypto.
Cynthia Lummis, the Senator representing Wyoming, and Pat Toomey, the Senator representing Pennsylvania, have also shown massive support for digital currencies. Last year, Senator Lummis partnered with Kirsten Gillibrand to launch a bill for crypto regulation.
Recently, Toomey supported a stablecoin proposal to establish a legal framework for payments.
Texas No Longer A Hub For Crypto Miners
Meanwhile, Senator Cruz wants Texas to become a crypto hub for digital currencies like Bitcoin. He believes crypto will help to transform the country and bring more opportunities to the region.
According to him, the state can use the power released during oil and gas extraction to power BTC mining rigs. Unfortunately, that may no longer be the case, given the state’s recent stance on crypto miners.
Last year, Texas electricity grid operator, Ercot said it would no longer offer new electricity permits to crypto miners for two years. According to Ercot, it is trying to stabilize the state’s electricity supply.
Moreover, the state authorities argued that BTC mining does not employ citizens compared to other companies. Also, many have complained that BTC mining is energy intensive.
Fortunately, several platforms have adopted crypto for payment in the past year. However, recent events in the crypto space have forced regulators to work towards harsher regulations for the sector.