A new bill introduced in the Texas House of Representatives could make the state the hub of Bitcoin development in the United States.
A bill that would fully protect and “welcome the Bitcoin economy.” has been introduced to the Texas State House of Representatives.
Sponsored by Rep. Cody Harris (R) and co-author of the Bitcoin Policy Institutes natalie smolensky and jason brett, Concurring Resolution of the Chamber 89 it describes how the Chinese government’s 2021 ban on bitcoin mining and trading is an “authoritarian form of government” that is “in complete opposition to the values of the United States.” This ban led to the rapid migration of the hash rate from China to the United States, primarily to Texas, which has been reaping the benefits of the explosion in activity.
As such, the bill outlines that “The Lone Star State has certain principles regarding items of value that are incorporated into the Texas Constitution, and these principles shall apply to all citizens with respect to the use and storage of bitcoin”.
The principles “express support for protecting people who code or develop on the Bitcoin network,” which is a key component of protecting Bitcoin within a state. In addition, the state will ensure “that people who mine Bitcoin in Texas will never be inhibited by any law or resolution restricting the practice of protecting the Bitcoin network for the security of virtual currency, which is maintained and transferred peer-to-peer.” . pair.”
According to the bill, people who own Bitcoin are protected by Section 9, Article I, of the Texas Constitution, which states that “People shall be secure in their persons, houses, papers, and possessions, from all seizures or unreasonable records”. This right, the bill says, should also extend to digital possessions, such as cryptocurrencies. “No Texan citizen will ever be deprived of their right to own Bitcoin and all Bitcoin owners will be protected while enjoying all associated privileges.” with cryptocurrency, including the immunity afforded for censorship-resistant Bitcoin spending and the ability to store Bitcoin in a non-hosted wallet without undue interference from any state agency – these protections will extend to Bitcoin owners.”
Those in the United States and the broader global network working on Bitcoin coding, programming, and mining should know through this resolution that the Bitcoin economy is welcome in Texas and that the Texas Legislature will always seek to protect the rights of its citizens. . in accordance with the law and encourage the growth and development of local businesses; Additionally, all those in the broader community who choose to own Bitcoin as a way to store their wealth and transact peer-to-peer with other law-abiding Texans will always feel free and safe in their ownership and use of Bitcoin in the state. from Texas.
The bill concludes with a welcome to “those in the United States and the broader global network working on Bitcoin coding, programming, and mining,” outlining their individual rights to own and use Bitcoin, as well as the rights of their bitcoin companies. , are not only encouraged in Texas, but protected as well. According to the legislative process Detailed by the state, the bill will first go through the House; if it passes, it will be heard by the Senate next, and then by the governor’s office.
