US Lawmaker’s Dynamic Approach towards Crypto Payment Acceptance
Ted Cruz, who is a US Lawmaker, has brought onto Congress’s floor a resolution proposing proposes the adoption of cryptocurrencies within the House premises.
The resolution has been titled “ACCEPT” which is an abbreviation of the words ‘Adopting Cryptocurrency in Congress as an Exchange of Transactions”.
Senator Cruz hails from the State of Texas and the resolution was initially brought into the House in November 2021.
Senator Cruz explained in the resolution that the crypto industry has been a huge source of creating job opportunities.
He said that crypto is helping worldwide entrepreneurs in exploring new horizons for finding innovative hedges against economic crunches and inflations.
As per him, cryptocurrency technology has the potential to make things very convenient for users and investors.
At a time when the interest rates and the charges are increasing tremendously, cryptocurrencies are offering a great safe haven.
The users can utilize cryptocurrencies and avoid being charged heavily. As for the traditional financial institutions, the charges and the fees are too high for the users that are not helpful at all.
He added that cryptocurrencies can provide people the opportunity to make it through difficult times. They can find opportunities that may allow them to save up funds and use them for difficult times.
Cruz’s Appeal to Colleague Senators
He furthermore suggested that crypto is globally appreciated for rapidly becoming a commendable and robust source of payment for services and products.
Cruz then remarked that based on these reasons it is highly important to allow cryptocurrencies to enter the premises of the United States Capitol.
He urged colleague lawmakers to support cryptocurrencies in allowing them to become an integral part of the US Senate. He said that ‘let crypto be part of the payment system at Capitol Hill where most of the US lawmakers visit often’.
Senator Cruz emphasized that the resolution would encourage crypto adoption if it is introduced as a ‘payment mechanism’ at Capitol gift shops.
He suggested that for achieving the objective, the resolution would initially require support from the Administrative Branch and Secretariat of the Senate.
He also urged the Architect of Capitol shops to consider the proposal of integrating crypto as a source of payment.
For the purposes of required ‘integration’, the Capitol shops would be further obliged to enter into contracts with third parties.
For instance, he drew attention to contracts with vending machine providers as well as food services.
Advantages of Crypto Integration within Capitol Complex
Senator Cruz also highlighted a number of advantages of allowing crypto to be part of the Capitol complex.
One of the major advantages he explained was that crypto payment integration would ensure convenience to foreign dignitaries and visitors.
Cruz was of the view that there are a number of tourists who visit Capitol shops every year.
If they were to buy anything from shops, then they have to go through an inconvenient and time consuming process of money exchange. Sometimes, the exchange charges are unnecessarily exorbitant, explained Senator Cruz.
Cruz’s Fondness towards Crypto
Senator Cruz has been long associated with cryptocurrencies, especially since he is widely known as a Bitcoin fonder. From time to time, he was often seen predicting the future value of Bitcoin.
For instance, in May 2022, on one occasion he said that he was being bullish about Bitcoin in particular.
At one point in time last year, he had also revealed publicly that there is not a single week in which he hadn’t acquired a Bitcoin. He told that his crypto trading account has been customized to acquire Bitcoins every week automatically.
Senator Cruz is also accredited for putting forward a bill through which he tried to stop Federal Reserve from proceeding with the CBDC project. This bill was moved by him in April 2021.
Through the Bill, Cruz raised an argument that CBDC could be misused by the US Government as a ‘tool’ for financial surveillance.