Sen. Cruz Applauds Signing of Cryptocurrency Resolution into Law
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) released a statement following President Trump signing his Congressional Review Act (CRA) resolution regarding Decentralized Finance (DeFi). This resolution overturns an Internal Revenue Service (IRS) rule on cryptocurrency that would have defined certain developers as “brokers” for reporting and taxation.
Upon the CRA being signed into law, Sen. Cruz said, “This rule would have undermined American leadership on cryptocurrency and I am grateful to President Trump for signing my resolution into law. The resolution is a victory for innovation, privacy, and economic freedom. We are protecting the developers who are building the future of cryptocurrency, making clear that the United States will not cede digital leadership to China, and preserving the ability of Americans to conduct transactions without government interference.”
Sen. Cruz is the leader in the U.S. Senate on advancing cryptocurrency.
- Sen. Cruz introduced the Facilitate Lower Atmospheric Released Emissions (FLARE) Act, incentivizing entrepreneurs and crypto miners to use natural gas that would otherwise be stranded.
- Sen. Cruz introduced the Anti-CBDC Surveillance State Act, legislation that prohibits the Federal Reserve from issuing a central bank digital currency (CBDC). This bill passed with overwhelming bipartisan support.
- Sen. Cruz previously introduced legislation in 2022 and 2023 to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency, which could be used as a financial surveillance tool by the federal government.
- Sen. Cruz authored the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution, also known as the ACCEPT Resolution.
- Sen. Cruz introduced an amendment to repeal a provision from the 2021 infrastructure package that created new reporting requirements for many cryptocurrency and blockchain companies in both the 117th and 118th Congresses.
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