Ted Cruz tweets in support of crypto after Senate Disagreement – US Senator Ted Cruz is once again siding with crypto but seems like Twitter isn’t having it. Nor is the Senate.
He tweeted early on August 9, a statement conveying his reaction to a partisan disagreement within the Senate. He mentioned how the rift meant that nothing would be done to lessen the damage done recently to the crypto industry through laws passed.
🚨Crypto got screwed tonight.🚨
There’s a partisan disagreement on spending, so Dems objected to ALL further amendments.
That means NO vote on Wyden-Lummis to lessen the damage this bill will do to crypto, & NO vote on the Cruz amd. to repeal the new crypto rules altogether.
— Ted Cruz (@tedcruz) August 9, 2021
The bill he refers to in his tweet, the Wyden-Lummis bill, is one that eases regulatory pressures on the crypto industry. As stated by Senator Cynthia Lummis, who is one of the creators of the bill, the amendment supports innovation. She said in an article, “this amendment clarifies in law what most of us already believe — that validators of distributed ledger data, like miners for example, or hardware wallet providers and software developers, should not be required to report transaction data to the Internal Revenue Service.”
As per her, the bill will protect small businesses and start-ups this way from paying hefty taxes.
Coming back to Cruz, he further speculated what sort of consequences will follow the partisan disagreement on spending. Calling the action “reckless” and “harmful”, he further tweeted in the thread:
The result?
The Senate’s going to inflict billions of dollars of damage on the growing & exciting crypto industry & drive much of it overseas.
There aren’t 5 Senators who understand much of anything about crypto.
— Ted Cruz (@tedcruz) August 9, 2021
What the Senate said tonight: Let’s tax the hell out of something we know nothing about, so we can pass a giant bill we haven’t read, and spend the American people’s money on stuff we can’t afford.
It’s reckless & harmful.
— Ted Cruz (@tedcruz) August 9, 2021
To which a lot of tweeters responded negatively. Some went on to say that just knowing that Ted Cruz is supporting cryptocurrency makes them think crypto is a bad idea. Others accused him of wanting this so that the rich are less accountable to pay taxes, or because it benefits him financially.
Cruz has repeatedly come up in the news for being an avid crypto supporter.
