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American lawmaker Ted Cruz (R-Texas) is throwing his weight behind the bitcoin mining industry, citing the decentralized cryptocurrency network’s ability to provide an “unprecedented” level of financial freedom. In a statement shared with CoinDesk on Monday, Cruz called for an increase in public awareness regarding the potential of cryptocurrencies and blockchain technologies as well as for clear regulatory frameworks to encourage the growth of the industry.
“Digital currencies like Bitcoin have great potential to increase our economic freedom,” Cruz said. “Going forward, we must continue to increase public awareness about the potential of digital currencies, eliminate roadblocks to their development, and create an environment where they can flourish. We must make sure consumers are protected from potential fraud, while at the same time not stifling the incredible potential of digital currencies and blockchain technologies.”
Cruz went on to highlight the decentralized nature of the cryptocurrency network, noting that its underlying technology – “blockchain” – has “already revolutionized financial services.” By increasing public awareness of blockchain and other crypto technologies, Cruz noted, it could in the future also decrease dependence on centralized banking systems, including the US Federal Reserve and other financial organizations. Additionally, the Texas senator praised the industry for helping to bring “unprecedented access to financial services” to the unbanked population around the world.
“We need to recognize that these are more than just digital currencies – they represent a new frontier in economic empowerment,” Cruz continued. “Whether it’s bitcoin mining or investing, today more than ever, the opportunity to stake a claim in the digital currency economy is a reality.”
Time will tell if Cruz’s advocacy inspires others in Congress to follow suit, but it’s clear the Republican is taking steps to ensure that the potential of cryptocurrencies and blockchain technologies are harnessed. With an increasing number of industry participants and investors also pushing for a more supportive regulatory climate, pro-blockchain politicians like Cruz may be the ones to drive the industry to the next level.