Texas Adds Crypto Rights To State’s Constitution
The Texas GOP platform advocates for a section in the state’s Bill of Rights enabling residents to own possess and utilize whatever means of exchange they like, including digital money.
According to the clause, Texans would be free to use cash, coin, bullion, digital currency, or scrip when performing a transaction. Texas Republicans would like to see added to the state’s Bill of Rights at the beginning of the clause:
“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.”
The Lone Star State is already a critical crypto mining hub, and Republican officials appear ready to try to build on that momentum.
“No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency. Explicit protections [are needed] for the natural right of Texans to keep and exchange and store their wealth in the mediums of exchange of [their] choice.”
Many Republican state officials are anxious to ensure that Texas maintains its role as a cryptocurrency powerhouse, despite other politicians’ concerns that the business could overload an already stressed electricity system.
“I would like to see Texas become the center of the universe for bitcoin and crypto,” U.S. Sen. Ted Cruz (R-Texas) told 700 attendees at the Texas Blockchain Summit last October in Austin.
On a national level, the U.S. Senate Republican’s April policy arm issued a paper on crypto, signaling the GOP is gaining a more unified stance on digital asset regulation.
Texas has also introduced regulations that further the state’s adoption of blockchain and cryptocurrency. Recently, the State started examining ways of crypto payments adoption. The State regulators are also investigating Celsius Network’s decision to halt its operations.
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