Texas Senator Ted Cruz Throws Weight Behind Bitcoin Mining Industry – Here’s What You Need to Know

Senator Ted Cruz, a Texas Republican, is throwing his weight behind the Bitcoin mining industry. In an op-ed published on his website in September 2018, Cruz expressed his support for the distributed ledger technology and the opportunities it has to offer. According to Cruz, the blockchain technology from which Bitcoin derives its secure, decentralized process has major implications for the American economy, including increased innovation, economic growth, and better security for consumers. Cruz also claims that blockchain technology is one of the “most promising new technologies for the future,” and that the United States should be at the forefront of its development to remain competitive with other countries. His op-ed highlights the roles business owners, tech companies, and regulatory authorities must take to ensure crypto adoption in the US expands. Notably, Cruz’s support of blockchain technology and Bitcoin mining is a departure from the views of other prominent public figures, such as Treasury Secretaries Jacob Lew and Steven Mnuchin. Cruz has even discussed the merits of blockchain with members of the technology community and in Congress. Though Cruz has provided enthusiastic support for the technology, it’s not yet clear what, if any, specific policies he has proposed to support it or the Bitcoin mining industry as a whole. Still, his willingness to recognize the potential of blockchain is encouraging for the future of the technology.