Monday, May 20, 2024

Ted Cruz

by Hideo Nakamura
Ted Cruz

Ted Cruz is an American politician and the junior United States Senator from Texas. He was a candidate for the Republican nomination in the 2016 presidential election, and has served as a U.S. Representative for Texas’s 28th congressional district since 2013.

In relation to cryptocurrency, Ted Cruz has been critical of digital currencies such as Bitcoin, Ethereum, and Ripple due to their lack of regulation by governmental entities. In 2017 he introduced legislation that would have classified virtual currency exchanges under money services businesses (MSBs) so they could be regulated more closely by the Financial Crimes Enforcement Network (FinCEN). This bill failed to pass but it highlighted his concern over potential fraud or abuse associated with unregulated cryptocurrencies.

More recently in 2019 Ted Cruz voiced opposition against Facebook’s proposed Libra project stating “we need sound money not funny money like Libra”. The statement reflects his general skepticism towards cryptocurrencies as well as concerns about privacy issues related to large technology companies storing user data on blockchain networks such as Libra does with its Calibra wallet service.

Overall Ted Cruz views cryptocurrency in a negative light due to its lack of government oversight and security issues which can arise from anonymous transactions or asset storage on decentralized networks without proper protections in place; however there are many individuals within Congress who continue to champion greater acceptance and utilization of cryptocurrency technologies within society despite these reservations shared by some politicians like Senator Cruz himself..

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