Texas Border Project
WASHINGTON, DC – U.S. Sen. Ted Cruz (R-Texas) has issued a statement after President Trump signed a resolution in the Congressional Review Act (CRA) on Distributed Finance (DEFI). This resolution overturns Internal Revenue Service (IRS) rules on cryptocurrencies that define certain developers as “brokers” for reporting and taxation.
With the CRA signed into law, Senator Cruz said: “The rules will undermine America’s leadership on cryptocurrency. I am grateful to President Trump for signing my resolution to the law. The solution is the victory of innovation, privacy and economic freedom. Interference.”
Senator Cruz is the leader of the US Senate on cryptocurrency advances.
Senator Cruz introduced the lower atmospheric emissions (flare) laws, encouraging entrepreneurs and crypto miners to use natural gas that would otherwise get stuck. Cruz has introduced the Anti-CBDC Surveillance National Act, which prohibits the Federal Reserve from issuing Central Bank Digital Currency (CBDC). The bill was passed with overwhelming bipartisan support. Cruz previously introduced the laws in 2022 and 2023, banning the Federal Reserve from developing direct central bank digital currencies for consumers. Cruz wrote Congress’s adoption cryptocurrency as a payment exchange for transaction resolution, also known as Accept Resolution.sen. Cruz introduced amendments to abolish provisions from the 2021 infrastructure package, which created new reporting requirements for many cryptocurrencies and blockchain companies at both the 117th and 118th Congress.
