Texas Senator Rafael ‘Ted’ Cruz purchased between $15k and $50k worth of Bitcoin on January 25th. Bitcoin has since grown to almost $41,600. If he hasn’t sold his bitcoins or paid any short-term capital gains taxes, his current profit is between $2,000 and $6,850. Cruz spent the latter half of the crypto bull run networking with the blockchain and cryptocurrency industry.
Texas Senator Ted Cruz purchases Bitcoin dip
The junior Republican senator from Texas, Rafael ‘Ted’ Cruz, is putting his money where his mouth is. Cruz reportedly purchased between $15k and $50k worth of Bitcoin (BTC) on January 25th, according to a financial report filed on Friday, February 4th.
At the time, Bitcoin was selling for between $36k and $37k, and it has since grown to almost $41,600. If he hasn’t sold his bitcoins or paid any short-term capital gains taxes, his current profit on the transaction is between $2,000 and $6,850.
Cruz spent the latter half of the crypto bull run networking with the blockchain and cryptocurrency industry, following in the footsteps of Wyoming Senator Cynthia Lummis, who saw her state benefit from an infusion of Bitcoin mining businesses as interest in the subject expanded.
He has lobbied for cryptocurrency payments to be accepted in gift shops and vending machines throughout the US Capitol complex, and he has spoken out against a provision in the recent infrastructure bill that critics say would broaden the definition of a ‘broker’ to include miners, validators, and coders.
After the recent cold weather in Texas, several crypto miners slowed or stopped operations to help maintain the state’s energy grid infrastructure, which failed during a severe frost in 2021. Cruz was famously missing during the period since he was on vacation in Cancun, Mexico.
River Financial has licenses in several jurisdictions across the US, however, its website does not include a Texas Money Transmitter license. According to the Texas Department of Banking advice on Virtual Currencies, “no currency exchange license is required in Texas to perform any sort of transaction exchanging virtual with sovereign currencies.”
Several members of Congress, including Democrats Jake Auchincloss of Massachusetts and Marie Newman of Illinois, as well as Republicans Jeff Van Drew of New Jersey and Barry Moore of Alabama, have acknowledged ownership in cryptocurrencies or similar securities.
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