US Senator Ted Cruz Praises Bitcoin Mining and Crypto Innovation at Texas Event

As the 2024 presidential election approaches, several U.S. politicians are voicing their positions on Bitcoin (BTC). U.S. Senator Ted Cruz from Texas has emerged as a vocal supporter of Bitcoin and the broader crypto industry.

Advocacy for Bitcoin and Crypto Innovation

On August 12, Cruz spoke at an event organized by the Texas Blockchain Council (TBC) at a Core Scientific mining facility in Denton, Texas. Addressing a crowd of about 150 people, Cruz emphasized Texas’ pivotal role in Bitcoin mining and the need to protect the industry from federal regulations he views as detrimental.

“God bless Texas, and God bless Bitcoin,” Cruz declared. “I am incredibly bullish on Bitcoin and crypto. Texas is, and I want Texas even more so to be, the oasis for Bitcoin mining across the face of the globe.”

Endorsement from Texas Blockchain Council

Lee Bratcher, President of TBC, announced the Council’s endorsement of Cruz in his reelection campaign, praising his support for financial innovation free from excessive government interference.

Federal Regulatory Challenges

Cruz expressed concerns over federal regulatory threats to Bitcoin, specifically criticizing U.S. Senator Elizabeth Warren. Warren has pushed for strict regulations on stablecoins and introduced the Digital Asset Anti-Money Laundering Act (DAAMLA) in December 2022, aimed at curbing the use of crypto for illicit activities.

“Elizabeth Warren hates Bitcoin for the same reason communist China does – because she can’t control it,” Cruz stated.

Cruz also highlighted the stance of U.S. Securities and Exchange Commission Chair Gary Gensler, who has been skeptical of Bitcoin and has delayed the approval of spot Ether (ETH) ETFs.

Texas as a Crypto Haven

Cruz underscored Texas’ favorable environment for Bitcoin mining and innovation, attributing it to the state’s pro-freedom stance. Texas currently hosts over 2,000 Bitcoin miners, the highest number in the U.S., contributing to significant economic growth.

Competing States

Other states are also vying to attract crypto enthusiasts. Oklahoma recently passed a law granting citizens the right to self-custody and mine cryptocurrency at home, while Florida has been recognized as the “best state” for cryptocurrency taxes.

Cruz hopes Texas will continue to lead in crypto innovation, surpassing states like Florida.