A member of the state’s House of Representatives has introduced a resolution to support the Bitcoin economy in Texas.
House Member Calls For Constitutional Rights For Digital Assets
Texas, which is already a pretty crypto-friendly state, will be getting further legislation to preserve its “Bitcoin economy.” A recent resolution is seeking a legislature that will support the crypto industry in the state. This resolution was passed by Cody Harris, who is a member of the Texas House of Representatives, in order to provide support to miners and Bitcoiners operating the Lone Star State.
On March 21, Harris filed the House Concurrent Resolution 89, where he rallied other Texas lawmakers to show their support for the state’s already-thriving crypto industry. He demanded that coders or developers who work on the Bitcoin network and miners and Bitcoiners need to be protected further through legislation.
Furthermore, he pointed out that digital asset holdings should be included in the state’s constitutional rights concerning “all unreasonable seizures or searches.” This means that Harris wants to protect individuals’ personal crypto holdings under the same constitutional law as their other property. Currently, cryptocurrencies are already included under an amendment to the state’s Uniform Commercial Code.
Resolution To Inspire More Support
The resolution targets mostly the sentiment among the lawmakers instead of the state’s laws and regulations. It also referenced the crypto crackdown in China and how it had been one of the driving forces behind Texas’s crypto boom. In the resolution, Harris expressed that Texan lawmakers need to hold an even more supportive perspective towards crypto miners so as not to have a repeat of the China situation.
An excerpt from the filed resolution reads,
“Individuals who mine Bitcoin in Texas will never be inhibited by any law or resolution that restricts the practice of securing the Bitcoin network for the safety of the virtual currency. All those in the broader community who choose to own Bitcoin as a manner of storing their wealth and transacting peer-to-peer with other law-abiding Texas citizens shall always feel free and safe in their ownership and use of Bitcoin.”
As of now, crypto firms like Riot Platforms, Core Scientific, and White Rock Management have set up operations in Texas.
Texas Loves Crypto
Harris’s appeal is probably in reference to the criticism faced by Texas’s easy-going regulatory framework for cryptocurrency. Basically, certain federal lawmakers believe that the state does not have enough oversight over the high energy consumption due to its rampant crypto mining. Texas Governor Greg Abbott has always been a keen supporter of cryptocurrencies. Under his governance, the Austin City Council even passed resolutions to support the industry in 2022. Soon after, the city of Fort Worth in Texas became the first U.S. to mine Bitcoin, followed by the Texas A&M University offering a course on Bitcoin Protocol.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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