Texas Lawmakers Consider Approving the Use of Bitcoin, etc
- Texas is home to a large percentage of Bitcoin miners in the United States.
- The bill received 139 votes in favor and two against.
- If approved and added to the Texas Bill of Rights, Texas residents will be able to use cryptocurrencies such as Bitcoin.
A large majority of Texas lawmakers recently voted in support of an update to the state’s Bill of Rights to allow residents to use, hold, and own digital currencies such as bitcoin. The Bill HJR 146, which was introduced by State Representative Giovani Capriglione, states that:
The right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or scrip, when trading and contracting for goods and services, shall not be infringed. No government shall prohibit or encumber ownership or holding of any form or amount of money or other currency.
If the bill is passed and added to the state’s Bill of Rights, Texas residents will be allowed to use digital currencies like Bitcoin without fears of breaking rules. Tom Glass, the founder of the Texas Constitutional Enforcement group, revealed that the bill needs “one more vote in the House” and “then on to the Senate and a vote of the people.”
Like the U.S. Bill of Rights, the Texas Bill of Rights safeguards essential liberties such as the right to religion and free speech. However, the right to bear arms for self-defense and the right to a quick trial are exclusive to Texas.
Glass explained that the aim of updating the Texas Bill of Rights to include the right to own, hold, and use digital currencies “is to make a case in the federal judiciary to invoke the 9th Amendment to the U.S. Constitution, which says that there are other natural rights besides those in the first 8 amendments.”
The adjustment comes weeks after the Texas Senate approved a bill that will place a limit on how much bitcoin (BTC) mining firms can engage in demand response programs, where they are compensated to scale back during peak energy demand periods.
The White House also announced plans to impose a 30% tax on Bitcoin mining activities. The White House claimed Bitcoin mining caused environmental hazards and led to increased energy costs, making the new tax a necessary policy.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
