Cody Harris, member of the Texas House of Representatives, has introduced a resolution with the goal of having the legislature say that “the Bitcoin economy is welcome” in the state.
In a resolution published on March 21, Harris encourages Texas legislators to “express support for protecting people who code or develop on the Bitcoin network,” as well as miners and Bitcoiners operating in the Lone Star State. The state representative added that Texas’ constitutional rights relating to “all unreasonable seizures or searches” should be extended to attempts to go after residents’ digital asset holdings.
“Individuals mining Bitcoin in Texas will never be inhibited by any law or resolution restricting the practice of securing the Bitcoin network for the security of virtual currency,” the resolution read. “All those in the broader community who choose to hold Bitcoin as a way to store their wealth and conduct peer-to-peer transactions with other law-abiding Texans will always feel free and secure in their ownership and use of Bitcoin.” .
Representative Cody Harris (@CodyforTexas) files House Concurrent Resolution 89 to protect the rights of #bitcoin holders in #Texas. DC: @TXblockchain_ https://t.co/e2z5SbmoJ1
— Natalie Smolenski (@NSmolenski) March 21, 2023
House Concurrent Resolution 89, if passed, would largely not apply to Texas laws and regulations, but rather express a certain sentiment among legislators. The resolution cited the Chinese government’s crackdown on cryptocurrency miners, a move that brought many companies to Texas. Riot Platforms, Core Scientific and White Rock Management are some of the companies that have established their operations in the Lone Star State.
Under state business laws, cryptocurrencies are recognized as part of an amendment to the Texas Uniform Commercial Code. However, some legislators at the federal level have criticized Texas’ apparently lax regulatory regime due to the possible environmental impact caused by the energy consumption of mining companies.
Texas Governor Greg Abbott, re-elected to another four-year term in November 2022, has previously referred to himself as a “cryptocurrency bill supporter” in the state. According to Florida Governor Ron DeSantis, Texas was considering a ban on central bank digital currencies, both foreign and domestic, following a similar initiative announced by his office on March 20.
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