Apparently Crypto ATMs Are A Priority

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We try to avoid politics here (except when it’s an excuse to, say, price the market for a politician’s dignity). But sometimes it veers into areas closer to the rate of FT Alphaville and we just can’t help it.

Here is the text of a bill that Ted Cruz, former Princeton and Harvard-educated presidential candidate and current Texas senator, introduced earlier this week (H/T Molly White):

CONCURRENT SENATE RESOLUTION 1 REQUIRING THE ARCHITECT OF THE CAPITOL, THE SECRETARY OF THE SENATE AND THE DIRECTOR OF THE ADMINISTRATION OF THE HOUSE OF REPRESENTATIVES TO CONTRACT WITH FOOD SERVICE CONTRACTORS AND ATM CONTRACTORS FOR THE CAPITOL COMPLEX WHO ACCEPT CRYPTOCURRENCY, AND FOR OTHER PURPOSES

Mr. CRUZ submitted the following concurrent resolution; which was referred to the Rules and Administration Committee:

Resolved by the Senate (with the concurrence of the House of Representatives),

SECTION 1. SHORT TITLE.

This resolution can be cited as ‘Congress Cryptocurrency Adoption as a Payment Exchange Resolution for Transactions’ or ‘ACCEPT Resolution’.

SECOND. 2. ACCEPTANCE OF CRYPTOCURRENCY IN RESTAURANTS, ATMS AND GIFT SHOPS IN THE CAPITOL COMPLEX.

(a) Definitions.–In this section–

(1) the term “Capitol Buildings” means the Capitol Buildings described in Section 5101 of Title 40 of the United States Code; and

(2) the term “digital asset” means a natively electronic asset that:

(A) is stored on a cryptographically secured distributed ledger; and

(B) is designed to confer economic or access rights only.

(b) Acceptance of Cryptocurrency.–The Architect of the Capitol, the Secretary of the Senate, and the Chief Executive of the House of Representatives shall each, for the Capitol buildings that are under their jurisdiction–

(1) subject to paragraph (c), solicit and enter into contracts to provide food services and vending machines in these Capitol buildings with persons who will accept Digital Assets as payment for goods; and

(2) encourage gift shops in these Capitol Buildings to accept digital assets as payment for goods.

(c) Additional Considerations.–The Architect of the Capitol, the Secretary of the Senate, and the Chief Executive of the House of Representatives may not enter into the contracts described in paragraph (b)(1) if the Architect of the Capitol, in consultation with the Secretary of the Senate and the House Chief Executive, report to the Senate Rules and Administration Committee and the House Administration Committee that entering into such contracts would prevent the selection of cost-effective and value-driven alternatives for customers.

It is self-proclaimed opponent of government overreach, Ted Cruz, who introduces a bill that would require Capitol Hill ATMs to accept cryptocurrency payments.

Introducing a bill is a bit like asking a question in Parliament: most of the time it means the square root of squat. It’s just a bit of pro-crypto posturing for a politician who has already proven he’s willing to downgrade for the digital asset industry.

Today I had the pleasure of visiting the largest #Bitcoin mining facility in North America in Rockdale!

I am proud to lead the fight for the crypto industry in the Senate.

Texas will continue to be the center of crypto innovation! pic.twitter.com/28BYfEhJzQ

Senator Ted Cruz (@SenTedCruz) August 30, 2022

In fact, Cruz filed something similar in 2021. This latest bill isn’t going anywhere either. And even in the unlikely event that it does pass, could Section C blow the whole bill anyway?

But doing it again now after all of 2022’s crypto omnishambles shows a rather remarkable desperation to tap into the shrinking pool of crypto bro donations (a transatlantic phenomenon, unfortunately). Luckily, American politicians don’t have anything more pressing to think about these days, huh?

In Cruz’s defense, vending machines may represent the perfect entry-level crypto experience. Having their money stolen inexplicably would prepare any potential HODLer for the wild world of crypto exchanges.

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