Texas Senator Ted Cruz reaffirmed his support for the cryptocurrency industry in a recent tweet by strongly supporting an amendment to the damaging cryptocurrency provision in the infrastructure bill proposed by Ron Wyden (D-OR), Patrick Toomey (R-PA), and Cynthia Lummis (R-WY).
🚨🚨The Senate is on the verge of passing legislation that would be TERRIBLE for cryptocurrency.🚨🚨
The infrastructure deal contains DANGEROUS provisions that would devastate crypto and blockchain innovation.
Supporters of crypto need to make their voices heard. https://t.co/iXrcnne0tV— Ted Cruz (@tedcruz) August 7, 2021
The former Republican presidential candidate also stated that he had devised his own rewrite that would completely eliminate the legislation.
His proposal to strike the provision, on the other hand, is unlikely to garner enough votes, which is why it never gained traction. After an outcry, a White House-backed amendment proposed by Senators Rob Portman (R-OH) and Mark Warner (D-VA) was amended to no longer give a pass to proof-of-work, but it still fails to exclude protocol developers.
Later today, the Senate will return to the floor to continue debating the infrastructure bill.
During an interview with Fox News host Sean Hannity in June, Cruz stated that Bitcoin had “a lot of potential.”