Texas lawmakers have voted in favor of an amendment to the state’s Bill of Rights, potentially setting the stage for the inclusion of digital currencies as a recognized medium of exchange.
Texas lawmakers have made a notable stride in the realm of digital currencies, voting decisively to propose an amendment to the state’s Bill of Rights. The amendment would include the right to own, possess, and utilize digital currencies.
Introduced by state representative Giovani Capriglione, Bill HJR 146 received an overwhelming level of support, securing 139 votes in favor with only two against.
The bill’s provisions aim to protect the right of individuals to use any agreed upon form of exchange, including but not limited to cash, coin, bullion, digital currencies, or scrip, when conducting commerce.
The Texas Bill of Rights, much like its national counterpart, enshrines various fundamental freedoms, such as the rights to freedom of speech, religion, and press. It also contains unique Texas-centric provisions, such as the right to a prompt trial and the right to bear arms for self-defense.
If approved, the new amendment would broaden these rights to encompass the use of digital currencies, like bitcoin.
Tom Glass, founder of the Texas Constitutional Enforcement group, clarified that the goal of the bill is to call upon the 9th Amendment of the U.S. Constitution. This amendment acknowledges the existence of additional inherent rights not specifically outlined in the first eight amendments.
The group further underscored the significance of having alternatives to traditional cash, terming such options as “essential” for maintaining Texans’ financial privacy.
They issued a cautionary statement alongside their endorsement of HJR 146, warning of the potential instability of the dollar and the impending introduction of central bank digital currencies (CBDCs).
Texas senator Ted Cruz also expressed apprehension regarding CBDCs last month, suggesting that those in favor of such currencies often show hostility towards decentralized options like bitcoin and conventional cash.
This legislative development marks a potential shift in policy towards digital currencies, focusing on preserving rights rather than imposing outright bans.
Some observers have commended this as a potentially superior tactic in dealing with the advent of CBDCs, suggesting it could render them obsolete rather than unlawful, thereby safeguarding Texans’ financial autonomy and privacy.
As always, the full impact and effectiveness of such legislation will only become apparent after its implementation and subsequent real-world application.