The Lone Star State is already home to many crypto and blockchain firms as well as miners taking advantage of the regulatory-friendly environment.
Cody Harris, member of the Texas House of Representatives, has introduced a resolution aiming to have the legislature say the “Bitcoin economy is welcome” 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. The state representative added that Texas’ constitutional rights concerning “all unreasonable seizures or searches” should extend to attempts to go over residents’ digital asset holdings.
“Individuals who mine Bitcoin in Texas will never be inhibited by any law or resolution that restricts the practice of securing the Bitcoin network for the safety of the virtual currency,” said the resolution. “All those in the broader community who choose to own Bitcoin as a manner of storing their wealth and transacting peer-to-peer with other law-abiding Texas citizens shall always feel free and safe 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. cc: @TXblockchain_ https://t.co/e2z5SbmoJ1— Natalie Smolenski (@NSmolenski) March 21, 2023
House Concurrent Resolution 89, if adopted, would largely not apply to Texas’ laws and regulations, but rather express a certain sentiment among lawmakers. The resolution cited the Chinese government’s crackdown on crypto miners, a move which drove many firms to Texas. Riot Platforms, Core Scientific, and White Rock Management are among some of the firms to set up operations in the Lone Star State.
Under the state’s commercial laws, cryptocurrencies are recognized as part of an amendment to Texas’ Uniform Commercial Code. However, some lawmakers at the federal level have criticized Texas’ seemingly loose regulatory regime for the potential environmental impact caused by the energy consumption of mining firms.
Related: Bitcoin mining advocate is going state-to-state to educate US lawmakers
Texas Governor Greg Abbott, reelected to another four-year term in November 2022, has previously referred to himself as “crypto law proposal 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.