Ted Cruz wants Texas to be a cryptocurrency hub
Ted Cruz wants Texas to be a cryptocurrency hub

Ted Cruz wants Texas to be a cryptocurrency hub

By Vincenzo Cacioppoli - 24 May 2022

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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

texas crypto bitcoin
Ted Cruz wants to make Texas a favorable territory for companies operating in the crypto world

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. 

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.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog., he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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