The bill seeks to protect individuals who develop on the Bitcoin network, as well as miners operating in Texas, emphasizing the constitutional rights of residents in relation to their digital asset holdings.
The Lone Star State, also known as Texas, has become a hot spot for crypto and blockchain companies due to its favorable regulations. Recently, Cody Harris, a member of the Texas House of Representatives, introduced a bill that encourages the state legislature to express support for the Bitcoin economy.
The bill aims to protect individuals who code or develop on the Bitcoin network, as well as miners and Bitcoin users operating in Texas. Harris emphasizes that Texas’ constitutional rights protecting residents from unreasonable searches and seizures should also apply to digital assets.
The bill, titled House Concurrent Resolution 89, is primarily a symbolic gesture among lawmakers and does not create new laws or regulations. However, it sends a strong message to the broader community that the Lone Star State welcomes and supports the Bitcoin economy.
The bill stated that “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,” it added.
The bill cites the Chinese government’s crackdown on crypto miners, which prompted many companies to move their operations to Texas. Riot Platforms, Core Scientific, and White Rock Management are among the firms that have already set up shop in the state.
While Texas recognizes cryptocurrencies under its commercial laws, some federal lawmakers have criticized the state’s lax regulatory regime for the potential environmental impact caused by the energy consumption of mining firms.
Despite this criticism, Texas Governor Greg Abbott, who was reelected in November 2022, has expressed his support for the crypto industry. He has even referred to himself as a “crypto law proposal supporter.”
Interestingly, the state is also considering a ban on central bank digital currencies, both foreign and domestic. This move follows a similar initiative announced by Florida Governor Ron DeSantis on March 20.