Senator Rafael ‘Ted’ Cruz of Texas, a junior Republican, is putting his money where his mouth is. Cruz purchased between $15k and $50k worth of Bitcoin on January 25th, according to a financial report filed on February 4. Bitcoin was trading between $36k and $37k at the time, and it has since increased to its current price of roughly $41,600. His current profit on the purchase is in the range of $2,000 – $6,850, assuming he hasn’t sold his bitcoins and paid any short-term capital gains taxes. Cruz spent most of the latter half of the crypto bull run connecting himself with the blockchain and cryptocurrency business, following in the footsteps of fellow Senator Cynthia Lummis of Wyoming, as his state profited from an influx of Bitcoin mining companies. He has lobbied for the acceptance of cryptocurrency payments in gift shops and vending machines throughout the United States Capitol complex. He spoke against a provision in the recent infrastructure bill that critics say would broaden the definition of a ‘broker’ to include miners, validators, and coders. According to the Texas Department of Banking guidance on Virtual Currencies, “no currency exchange license is required in Texas to conduct any type of transaction exchanging virtual with sovereign currencies.”
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