A new Bill introduced in the Texas House could set the country at the core of Bitcoin development in the United States.
A bill that would 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 by the Bitcoin Policy Institutes’ Natalie Smolenski and Jason Brett, House Concurrent Resolution 89 describes how the Chinese government bans bitcoin mining and trading in 2021 as “a form of authoritarian rule” that is “in complete opposition to the values of the United States.” This ban led to a rapid migration of hash rates from China to the United States, especially Texas, which benefited from the explosion in the activity.
As mentioned, the bill explains that “The Lone Star State has certain principles regarding the things contained in the Texas Constitution, and these principles should apply to all citizens regarding the use and storage of Bitcoin.”
The principle “states support for protecting individuals who code or develop on the Bitcoin network,” which is a key component of protecting Bitcoin in a country. In addition, the state will ensure “that individuals who mine Bitcoin in Texas will not be hindered by laws or resolutions that limit the practice of securing the Bitcoin network for the safety of the virtual currency, which is held and transferred peer-to-peer.”
According to the bill, individuals who own Bitcoin are protected under Section 9, Article I, of the Texas Constitution, which states that “The people shall be secure in their persons, houses, papers and goods, from all unreasonable seizures or searches.” This right, the bill says, should also apply to digital assets, such as cryptocurrencies. cryptocurrency, including the immunity provided by the censorship-resistant spending of Bitcoin and the ability to store Bitcoin in unhosted wallets without undue interference from any state agency; This protection will be complete for Bitcoin owners.
People in the United States and the wider global network working on Bitcoin coding, programming, and mining, will know with this resolution that the Bitcoin economy is welcome in Texas, and the Texas Legislature will always seek to protect the rights of its citizens. comply with the law and promote the growth and development of local businesses; In addition, everyone in the wider community who chooses to own Bitcoin as a way to store wealth and peer-to-peer transactions with other law-abiding Texans will always feel free and safe in the possession and use of Bitcoin in the state of Texas.
The bill ends with a welcome to “people in the United States and the broader global network working on Bitcoin coding, programming, and mining,” outlining the rights of individuals to own and use Bitcoin, as well as the rights of Bitcoin companies. , is not only encouraged in Texas, but protected. According to the legislative process detailed by the state, the bill will go through the House – if approved, the Senate will look next, and after that, the Governor’s office.