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Thursday, December 8, 2022

Republican Senator Ted Cruz Takes Advantage Of Bitcoin On The Low

One trader who seems to have timed his Bitcoin purchase right is Republican Senator Ted Cruz. The Texan politician brought around $50,000 worth of Bitcoins on January 25 through River Financial.

Bitcoin was then trading at a low of between $36,000 and $37,000. It has since then increased to a high of close to $41,600. His present profit on this transaction should be between $2,000 and $6,850.

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Ted Cruz has followed Cynthia Lummis, a fellow Republican Senator from Wyoming who holds a quarter of a million dollars in cryptocurrency. He has devoted much of the recent bull run to the cryptocurrency market to get acquainted with the crypto and blockchain industry.

His state has benefitted immensely from an inflow to this industry and there has been a spread in curiosity in the area.

Ted Cruz Has Strongly Advocated The Free Use Of Cryptocurrencies In Business

Ted Cruz has been a strong advocate for the acceptance of payments in cryptocurrency at small outlets like vending machines and gift shops.

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Ted Cruz has strongly opposed provisions in the infra bill that would extend the definition of brokers to cover crypto miners, coders, and validators.

Crypto miners had to stop trading during the recent cold spell to protect the energy grid in Texas that had failed during the long freeze in 2021. Ted Cruz had then escaped to Cancun in Mexico to escape the cold.

White River Financial, the brokerage firm used by Ted Cruz has a license to operate in several US states, it does not include Texas. The Money Transmitter permit is necessary to transact in Texas, but it is not noted on their website.

But the Texas banking guidelines state that for virtual currencies, an exchange license for currency is not required to conduct trading in sovereign and virtual currencies.

Other members of Congress holding in cryptocurrencies and allied stocks include Republicans Barry Moore, Alabama, and Jeff Drew, New Jersey. Democrats Marie Newman, Illinois, and Jacob Auchincloss, Massachusetts, also hold cryptocurrencies.

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