If Senator Ted Cruz of Texas gets his way, he wants the state to be the “oasis of Bitcoin.” For Cruz, the primary hurdle to full Bitcoin adoption is the federal government itself, particularly its left-leaning policies.
The state of Texas, he says, can soon become a cryptocurrency hub with its decentralized environment and business-friendly policies.
Ted Cruz’s statement comes as Bitcoin broke the $98,000 level for the first time, and there’s growing regulatory clarity. Incoming US President Donald Trump has nominated Scott Bessent for Treasury, and SEC’s Gary Gensler has announced that he’s stepping down on January 20th, 2025.
Senator Cruz emphasized that the leading digital asset represents freedom and stated that Texas could become a haven for its innovation and development.
I am one of the leading defenders of Bitcoin and cryptocurrency in the U.S. Senate.
I want Texas to be an oasis for Bitcoin, and we are seeing many companies come to Texas to create new jobs in the cryptocurrency industry. pic.twitter.com/ayVzxQIIi9
— Ted Cruz (@tedcruz) November 23, 2024
Texas As Global Hub For Bitcoin
Ted Cruz posted on Twitter/X his thoughts immediately after the airing on Fox Business News. In a post shared November 24th, Cruz argued that he’s a strong advocate for cryptocurrencies in the Senate. He added that his goal is to make his state a Bitcoin hub and shared that several companies are now relocating to the “Lone Star” state and creating jobs along the way.
Cruz sees a perfect match between Bitcoin and the state of Texas. The state’s independent spirit perfectly complements the blockchain’s principles of decentralization and freedom.
Texas Can Provide Support To Bitcoin’s Innovation
In the Fox Business interview, the lawmaker explained that Bitcoin represents freedom, free from control. He said that Texas is the perfect hub for the growing technology since its people embrace freedom and welcome Bitcoin bulls.
A bitcoin mining facility in Texas. Source: Eli Durst/New York Times/Redux/Eyevine
The Texas senator further explained that the state can lead the cryptocurrency revolution. He says Texas has abundant natural resources and crypto-friendly policies, making it a perfect center for Bitcoin mining. Cruz has publicly acknowledged that he operates at least three crypto mining rigs in West Texas, a testament to his commitment to the technology.
Senator Talks About Other Issues About Bitcoin
Cruz also discussed the many challenges Bitcoin faces now, including those faced by regulators and some policymakers. He criticized Massachusetts Senator Elizabeth Warren for her stance against Bitcoin, comparing it to China’s ban on crypto.
He argued that it’s time to create friendly cryptocurrency regulations to promote growth and innovation. By focusing on a favorable regulatory environment, Texas can position itself as a global leader in the cryptocurrency sector.
He says Bitcoin’s decentralization will make it impossible for bad actors to hijack financial systems. Finally, he briefly touched on the asset’s proof-of-work consensus mechanism, which helps secure the network.
Featured image from DALL-E, chart from TradingView