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Ted Cruz Tweets Anger After Senate Disagreement Over Crypto

Ted Cruz Tweets Anger After Senate Disagreement Over Crypto
  • Ted Cruz tweets in support of crypto after a partisan disagreement over spending.
  • He mentions that the rift means nothing will be done to repair the damage to crypto through regulatory pressures.
  • Cruz has often spoken out in support of crypto.

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.

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:

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.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.