Texas will probably be one of the safest U.S. states for the crypto industry in the future. A new bill was introduced in the Texas House of Representatives that seeks to extend the Bill of Rights to digital currencies. This proposal prohibits the government from stopping people from owning or holding cryptocurrencies.
The progressive bill was proposed by Representative Giovanni Capriglione and received an affirmative vote of 139-2 in the House on May 11, 2023. It needs one more vote before it is transmitted to the Texas Senate.
In the proposed amendment to the Bill of Rights, a new clause will be added:
“The right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or privately issued scrip, when trading and contracting for goods and services shall not be infringed. No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency. Nothing in this section shall be construed as restricting this state from choosing the medium of exchange the state will accept for payments made to the state.”
The new provision would effectively recognize crypto as a medium of exchange, comparable to fiat or precious metal bullions. It would protect crypto holders from illegal confiscation or censorship by the government.
The Right to Own Crypto Gathers Support
Tom Glass, a former House candidate and founder of the Texas Constitutional Enforcement, has expressed support for the bill. His group is dedicated to stopping perceived unconstitutional acts.
Glass is also against the implementation of Central Bank Digital currencies (CBDC). And according to him CBDCs are the ultimate police state tool and Texans need to stop it.
Other Texas Regulation and Proposals on Crypto
Rep. Giovanni Capriglione has introduced an earlier bill that calls for the protection of consumers by requiring digital assets companies to maintain sufficient reserves. House bill 1666 focuses on the security of consumer funds by promoting transparency and accountability.
The bill is also in line with the stance of Governor Greg Abbott, who is known for his pro-crypto visions for Texas. He envisions the state as a leader in the realm of crypto in the future. He also signed into law House Bill 4474, which defined virtual currencies and offers a clear legal environment for crypto investing
Texas is Not Alone
Despite the U.S. government’s siege against crypto, individual states and lawmakers are still seeing crypto as the future of money, and the right to own it should not be infringed. They see crypto as a tool for financial freedom, unlike the upcoming CBDC. The State of Montana has a bill that would protect the rights of crypto miners. North Carolina is trying to put a roadblock against CBDC. On the national level, lawmakers are rallying to give regulatory clarity to the crypto industry.
These state-level initiatives will give the crypto industry the chance to flourish in the United States. Lawmakers are recognizing that the hostile treatment of crypto is pushing capital to friendlier jurisdictions. The uncertainty is also robbing consumers of the chance to participate in this innovative market. The amendment to the Bill of Rights will hopefully be an example of how crypto should be treated. It gives individuals the right to choose, and this is what freedom is all about.
Source: HJR 146
Featured image from Pixabay
