Cody Harris, a member of the Texas House of Representatives, has introduced a resolution that aims to make the legislature say “Bitcoin economy is accepted” in the state.
In a resolution released on March 21, Harris encouraged Texas lawmakers to “express support for protecting individuals who code or develop on the Bitcoin network” as well as miners and Bitcoiners operating in the Lone Star State. State representatives added that Texas’ constitutional right against “all unreasonable seizures or searches” should be extended to pursue possession of citizens’ digital assets.
“Individuals mining Bitcoin in Texas shall not be prevented by any law or resolution restricting the practice of securing the Bitcoin network for the security of the virtual currency,” the resolution said. “All those in the wider community who choose to own Bitcoin as a means of storing wealth and 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) file House Concurrent Resolution 89 to protect the rights of #bitcoin who has it #Texas. cc: @TXblockchain_ https://t.co/e2z5SbmoJ1
– Natalie Smolenski (@NSmolenski) March 21, 2023
House Concurrent Resolution 89, if adopted, generally does not apply to Texas laws and regulations, but expresses a certain sentiment among lawmakers. The resolution noted the Chinese government’s crackdown on crypto miners, a move that has driven many companies to Texas. Riot Platforms, Core Scientific, and White Rock Management are among some of the companies setting up operations in the Lone Star State.
According to the commercial law of the country, cryptocurrencies are recognized as part of the amendment of the Uniform Commercial Code of Texas. However, some lawmakers at the federal level have criticized Texas’ seemingly lax regulatory regime due to the environmental impact caused by mining companies’ energy consumption.
related: Bitcoin mining advocates are going to countries to educate US lawmakers
Texas Governor Greg Abbott, who is up for another four-year term in November 2022, has previously called himself a “supporter of the crypto law proposal” in the state. According to Florida Governor Ron DeSantis, Texas is considering bans on foreign and domestic central bank digital currencies following a similar initiative announced by his office on March 20.