Ted Cruz pushes for crypto adoption in Congress

Ted Cruz, the senator from Texas, has urged businesses on Capitol Hill to accept Bitcoin payments. The senator has submitted a bill calling for Congress to take the lead in the Bitcoin industry in a bid to push for crypto adoption.

On November 1, 2021, the ‘adopting cryptocurrency in Congress’ resolution was submitted to the Senate. Also called Accept resolution, it suggests that  the merchants and vendors at the capitol complex accept crypto payments.

According to the resolution, administrative managers may not enter into contracts that ban the usage of cost-effective and beneficial alternatives.

Congress to lead in crypto adoption

Cruz spoke at an interview and said the congress can lead in cryptocurrency by embracing it as a payment method and encouraging crypto literacy among its members.

He stated that consumers are gradually coming to know and utilize cryptocurrencies, and businesses are starting to accept them as a payment method. He claims that adopting new technology is very slow in the Congress.

The senator has been outspoken in his support for cryptocurrency adoption in the US Senate. He has been proposing bills and urging the congress to be open for new innovations. Recently, he criticized several provisions of a bi-partisan Senate bill that would impose additional tax rules on crypto-trading firms and brokers.

He speaks highly of the Bitcoin industry in his home state, Texas. Many Bitcoin and blockchain firms are located in Texas. Furthermore, he said that he wants to see Texas become the ideal example of the universe for Bitcoin and crypto during the Texas Blockchain Summit,.

With high-profile personalities becoming more interested in cryptocurrency, the adoption of cryptocurrencies is rising in the U.S. A Crypto Currency Act was introduced by democrats Peter Welch and David Schweikert in March 2020 to make it easier for small businesses to use cryptocurrencies. This is a strategy to get small firms involved in the sector.

The United States’ enthusiastic embrace of cryptocurrency will aid global adoption. consequently, it may also reduce the number of cash exchanges across the world, as well as crime and corruption.