Texas House of Representatives member Cody Harris has submitted a resolution to protect the rights of Bitcoin holders in Texas. The resolution, known as House Concurrent Resolution 89, aims to make it clear that the “Bitcoin economy is welcome” in the state.
According to Harris, Satoshi Nakamoto, the anonymous individual or group behind BTC’s creation, implemented various technological advancements, such as blockchain technology, which enables a continuous and transparent ledger of network transactions. He also pointed out that Bitcoin miners in Texas account for around 25% of all Bitcoin mining activity in the US.
Resolution Aims To Foster Growth Of The Bitcoin Economy
The resolution emphasizes the importance of protecting the rights of individuals who code or develop on the Bitcoin network in accordance with the Texas Constitution’s Section 8, Article I, which guarantees the liberty to speak, write, or publish opinions on any subject.
Furthermore, the resolution seeks to protect individuals who own Bitcoin under Section 9, Article I, of the Texas Constitution, which guarantees security in their possessions from all unreasonable seizures or searches. This protection should also extend to digital possessions, such as cryptocurrencies.
The resolution also highlights the authoritarian form of rule demonstrated by the Chinese government’s ban on cryptocurrency trading and mining in 2021, resulting in the “great mining migration.” This event benefited Texas, which is one of the largest economies in the world.
Harris emphasizes that Texas has certain principles regarding items of value embedded in the Texas Constitution, which should be applied to all citizens with respect to the use and storage of BTC.
The resolution seeks to assure those in the United States and the broader global network who work on Bitcoin coding, programming, and mining that the Bitcoin economy is welcome in Texas.
Although House Concurrent Resolution 89, if adopted, would not significantly change Texas’ laws and regulations, it would express a particular sentiment among lawmakers. Texas has already recognized cryptocurrencies under an amendment to the state’s commercial laws.
However, some federal lawmakers have criticized Texas’ loose regulatory regime for the potential environmental impact caused by the energy consumption of mining firms.
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