U.S. Senator Ted Cruz (R-Texas) has expressed approval after President Trump signed into law a Congressional Review Act (CRA) resolution that Cruz had proposed concerning Decentralized Finance (DeFi). The move reverses an Internal Revenue Service (IRS) rule on cryptocurrency that sought to classify certain developers as “brokers” for purposes of reporting and taxation.
Commenting on the CRA becoming law, Senator Cruz stated, “This rule would have undermined American leadership on cryptocurrency and I am grateful to President Trump for signing my resolution into law. The resolution is a victory for innovation, privacy, and economic freedom. We are protecting the developers who are building the future of cryptocurrency, making clear that the United States will not cede digital leadership to China, and preserving the ability of Americans to conduct transactions without government interference.”
Senator Cruz has been at the forefront of cryptocurrency advancement efforts in the U.S. Senate. He has brought forward several legislative proposals related to the cryptocurrency sector. These initiatives include the Facilitate Lower Atmospheric Released Emissions (FLARE) Act, designed to incentivize entrepreneurs and crypto miners to utilize natural gas that might otherwise be stranded.
In addition, Cruz introduced the Anti-CBDC Surveillance State Act, which prevents the Federal Reserve from issuing a central bank digital currency (CBDC). This measure saw overwhelming bipartisan support. Furthermore, Cruz previously addressed concerns about financial surveillance tools by proposing bills in 2022 and 2023 to bar the Federal Reserve from developing a direct-to-consumer central bank digital currency.
Cruz also authored the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution, also known as the ACCEPT Resolution. Moreover, he suggested an amendment to roll back a clause in the 2021 infrastructure package that introduced new reporting requirements for various cryptocurrency and blockchain companies during both the 117th and 118th Congresses.
