🔥 “FLARE”-ing Mad for Crypto! 💸

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In the grand tradition of setting fires to make lights, Texas Senator Ted Cruz has proposed a bill that’s either a stroke of genius or a blazing inferno of madness – the Facilitate Lower Atmospheric Released Emissions, or FLARE, Act. Because what’s a little more gas in the atmosphere when there are Bitcoins to be mined, eh? 🤑

As of All Fools’ Day (April 1, for the uninitiated), Cruz declared his intention to make Texas the undisputed champion of Bitcoin mining, presumably with a giant, glowing “OPEN FOR BUSINESS (AND GAS)” sign. The Digital Power Network, not ones to miss a party, cheered this move, while MARA Holdings endorsed it on X, claiming it’ll be a gas (reduction, that is) and “unlock stranded energy.” Because who doesn’t love a good treasure hunt for energy? 🏴‍☠️

Delving into the bill’s text, it appears the FLARE Act wants to tweak the US Internal Revenue Code, essentially saying, “Hey, market folks! Catch that gas that’s just, well, flaring away, and turn it into something useful… like Bitcoin!” If this becomes law, it’ll kick in for properties that start their “service” (read: gas-catching, Bitcoin-mining extravaganza) from 2026 onwards.

Senator Cruz, a seasoned veteran of the US Senate since 2013, has a history of proposing legislation that aligns with his party’s mainstream views – and sometimes, just for fun, throws in a curveball, like that time he tried to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). Oh, and did we mention he’s a Bitcoin holder himself? Up to $100,000 worth, as of August 2024. Talk about putting your money where your mouth is! 🤫

Crypto Bills: The Congressional Conundrum

In a move that screams “fair play,” Cruz’s bill also includes a clause that essentially says, “Sorry, China, Iran, North Korea, and Russia – if you’re operating in Texas, no cost recovery for you!” This, of course, affects many US miners, including the aforementioned MARA, Riot Platforms, and CleanSpark, all of whom call Texas home.

Will the FLARE Act ignite a legislative firestorm in the Senate? Only time will tell, as Congress juggles this with other bills aimed at taming the wild west of stablecoins and digital asset market structures. And because why not, there are also proposals floating around to ban a US CBDC and let Americans invest their retirement funds in crypto. Because what’s retirement without a little cryptocurrency roulette? 🎲

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2025-04-02 01:11