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A number of politicians in the United States are expressing their views on Bitcoin (BTC) as the 2024 presidential election draws near.
Ted Cruz, the junior U.S. Senator from Texas, has been especially outspoken about Bitcoin lately.
On August 12, Cruz addressed an audience at an event hosted by the blockchain advocacy group, the Texas Blockchain Council (TBC). The gathering was held at a Core Scientific mining facility situated in Denton, Texas.
“God bless Texas, and god bless Bitcoin,” Cruz stated while speaking to approximately 150 attendees.
Cruz expressed his pride in standing alongside Bitcoin miners and the entire crypto community in Texas and nationwide.
“I am extremely optimistic about Bitcoin and crypto,” Cruz remarked. “Texas is, and I want Texas to be even more so, the haven for Bitcoin mining across the globe.”
Senator Ted Cruz with Cryptonews reporter Rachel Wolfson at the TBC event in Denton, TX. Source: Rachel Wolfson
Texas Blockchain Council Backs Senator Cruz
Lee Bratcher, President of TBC, declared at the event that TBC would support Cruz in his forthcoming reelection campaign.
“As we stand on the brink of a new era of financial innovation, it’s essential to have leaders who recognize the significance of fostering an environment where innovation can thrive without unnecessary governmental interference,” Bratcher stated.
After the event, Cruz informed Cryptonews that he was honored to receive TBC’s endorsement, emphasizing the importance of Bitcoin miners and the crypto community uniting to back his campaign.
Crypto is a source of power and a safeguard for the State of Texas!
I am honored to be endorsed by the Texas Blockchain Council! #CryptoForCruz pic.twitter.com/cR65631VZK— Ted Cruz (@tedcruz) August 13, 2024
However, Cruz further noted that for Bitcoin and crypto to continue flourishing in the U.S., the government must “leave it alone.”
“Unfortunately, there are many voices in Washington that seek to undermine Bitcoin,” Cruz commented.
Bitcoin Faces Challenges in the US
For instance, Cruz pointed out that U.S. Senator Elizabeth Warren represents a significant threat to Bitcoin and cryptocurrency innovation.
Elizabeth Warren’s letter to Congress raises concerns regarding stablecoin risks and the necessity for robust anti-money laundering measures. Discover more about the potential implications for the banking sector and national security. #ElizabethWarren #StableCoins https://t.co/ffBVpdbRBz
— Cryptonews.com (@cryptonews) April 10, 2024
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This year, Warren criticized the movement towards a stablecoin bill lacking anti-money laundering regulations. She argued that stablecoins pose a danger to consumers and the entire banking system, asserting that they could lead to destabilization and security threats.
Warren also introduced the Digital Asset Anti-Money Laundering Act (DAAMLA) bill in December 2022. She claimed that crypto was being utilized by “rogue nations, oligarchs, drug lords, and human traffickers […] to launder billions in stolen funds.” The bill aims to integrate the crypto sector into existing Anti-Money Laundering and Counter-Terrorist Financing frameworks.
“Elizabeth Warren opposes Bitcoin for the same reason that communist China does – because she cannot control it,” Cruz stated.
Senator Cruz also highlighted that U.S. Securities and Exchange Commission Chair Gary Gensler aims to undermine Bitcoin.
Gensler has long been skeptical of Bitcoin and recently indicated that approval for spot Ether (ETH) exchange-traded funds (ETFs) “will take some time.” Ironically, spot Ether ETFs began trading in the U.S. shortly after Gensler made this statement.
Cruz Views Texas as a Sanctuary for Bitcoin Enthusiasts Seeking Freedom
Despite several obstacles for crypto innovation in the U.S., Cruz believes that Texas serves as “a sanctuary for Bitcoin mining and crypto innovation.”
He pointed out that this is due to Texas’ welcoming attitude towards Bitcoin mining entrepreneurs, along with the state’s appreciation for freedom.
Texas is Bitcoin Country.
Texas is home to 17% of the global hash rate.
1/3 of Power in Texas is from Renewables.
Like, Reply, or RT and you’ll receive an immediate DM with the Texas Bitcoin Policy Update we mentioned. (Includes the Bitcoin Census results.)— Texas Blockchain Council (@TXblockchain_) July 19, 2023
According to data from TBC, Texas currently hosts the highest number of Bitcoin miners in the U.S., with just over 2,000 miners throughout the state.
Texas also continues to experience substantial economic growth with Large Flexible Loads, which includes cryptocurrency miners that contribute demand to the grid.
Other States Seek to Attract Crypto Holders and Miners
While this is the case, other states have also begun to draw miners and crypto holders. For instance, Oklahoma’s governor recently enacted a law that establishes legal rights for cryptocurrency holders.
Starting November 1 this year, every resident of Oklahoma will have the inalienable right to self-custody of their digital assets and the right to mine cryptocurrency at home, with the only limitation being that home rigs must comply with local noise ordinances.
Florida has also emerged as a center for crypto enthusiasts. Data from CoinLedger indicates that Florida has been recognized as the “best state” for cryptocurrency taxes in the U.S.
Senator Cruz expressed his hope that Texas will surpass Florida in terms of crypto innovation in the future.
The post US Senator Ted Cruz Praises Bitcoin Mining and Crypto Innovation at Texas Event appeared first on Cryptonews.
