On May 11, a majority of Texas Lawmakers voted in favor of including people’s right to own, hold and use crypto assets, in an updated Bill of Rights. The bill, HJR 146, was introduced by State Representative Giovani Capriglione. 139 lawmakers voted in favor of the bill, while only two entities voted against it.
The bill states,
“The right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or scrip, when trading and contracting for goods and services shall not be infringed.”
The document read that the government would not prohibit ownership or holding any form of currency, including crypto. Similar to the U.S. Bill of Rights, the Texas Bill of Rights safeguards essential liberties. These liberties include the right to free speech, religion, and the press. However, some rights are exclusive to Texas, such as the right to bear firearms and to a quick trial.
When will Texas pass the crypto-friendly Bill?
The most recent amendment will also grant Texas residents the ability to use crypto if it is approved and signed. The Texas Constitutional Enforcement organization’s founder, Tom Glass stated that there is one more vote in the House. After the final vote is cast, then it goes on to the Senate and a vote of the people. Therefore there is still some time before the bill makes it through as official law.
Some community members that the bill is the appropriate way to combat CBDCs (Central Bank Digital Currencies). Instead of banning them, the bill simply makes them “worthless.” Last month, Texas Senator Ted Cruz issued a warning about the dangers of introducing CBDCs. He stated that,
“the same people that want to see a CBDC, they hate Bitcoin, and they hate cash.”
The usage of cash alternatives, according to the Texas Constitutional Enforcement group, is “essential” for safeguarding Texans’ financial privacy. The group also said that “an unstable dollar can destroy the wealth” of Texas.