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American News Nov 18, 2021 1:07 AM EST

Ted Cruz introduces bill to reverse cryptocurrency regulations in Infrastructure Act

Texas senator Ted Cruz is leading the fight against the Biden administration's crypto-crackdown.

Ted Cruz introduces bill to reverse cryptocurrency regulations in Infrastructure Act
Jarryd Jaeger Vancouver, BC

Texas senator Ted Cruz is leading the fight against the Biden administration's crypto-crackdown.

On Monday, Sen. Cruz introduced a bill aimed at reversing the regulations surrounding cryptocurrency in the Biden administration's recently passed $1.2 trillion Infrastructure and Jobs Act.

As Bloomberg reports, the founding set of regulations for Biden's Build Back Better agenda lays out new tax-reporting requirements for cryptocurrencies, which many fear would give government too much oversight of the huge digital currency market.

In a statement, Sen. Cruz said that he believes the cryptocurrency regulations as they currently stand "will stifle innovation in the industry, endanger the privacy of many Americans and cryptocurrencies, and likely push key aspects of the industry overseas to countries like China."

Sen. Cruz has long been critical of the way cryptocurrency was discussed in the Act. When it was still a bill, he brought up the fact that the term "broker" was ambiguous, and could "force every single participant in the cryptocurrency structure to operate as a financial institution, which would mean they would have to provide consumer information to the IRS, even if they don’t have access to that information."

While some lawmakers are on Cruz's side, there are some who believe the government should have more control over digital currencies. As the Daily Wire reported in July, Sen. Elizabeth Warren said cryptocurrency "demands federal regulation" because it is not controlled by any authority.

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