Texas state representative Cody Harris has proposed a resolution that would warmly welcome the Bitcoin economy in the Lone Star state. The resolution, recently introduced in the Texas House of Representatives, seeks to officially acknowledge and embrace the growing role of Bitcoin and other cryptocurrencies in the state’s economy.
With this move, Texas could become one of the most crypto-friendly states in the country, providing a clear signal to entrepreneurs and investors alike that the state is open for business in the digital age.
Texas Resolution Protects Digital Asset Holdings
On March 21, Harris released a resolution urging Texas lawmakers to safeguard the interests of individuals who develop or code on the Bitcoin network, along with miners and Bitcoiners operating in the state. The resolution emphasizes the constitutional rights of Texans, stating that any attempts to search or seize digital asset holdings must comply with the state’s legal framework.
Harris’ resolution aligns with the growing recognition of Bitcoin as a legitimate asset class that requires government authorities’ protection and support. In relation, the approval of House Concurrent Resolution 89 would convey a feeling among lawmakers and would not significantly impact Texas’ laws and regulations.
The resolution mentioned the Chinese government’s suppressing crypto miners, which led several companies to relocate to Texas. Riot Platforms, Core Scientific, and White Rock Management are noteworthy firms that have started operating in the state.
Further, Texas’ commercial laws recognize cryptocurrencies as part of its Uniform Commercial Code amendment. However, there are concerns among some federal lawmakers about the state’s regulatory approach, which they view as too lenient. They worry that the energy consumption of mining companies could have a negative impact on the environment.
Texas Governor Advocates for Crypto Regulation
Governor Greg Abbott of Texas, who secured a second four-year term in November 2022, has been vocal about his advocacy for regulating cryptocurrencies in the state. He has described himself as a “supporter of crypto law proposals,” indicating his intention to introduce laws that govern digital asset use.
Following Florida Governor Ron DeSantis’ announcement of a potential ban on central bank digital currencies, regardless of their origin, there are now reports that Texas may be considering similar measures. Given Texas’ reputation as a crypto-friendly regulatory environment, any such action could significantly impact the US cryptocurrency market.
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