On May 11th, Texas lawmakers approved a groundbreaking amendment to the state’s Bill of Rights, ensuring the right to own, hold, and use cryptocurrency assets.
Texas to give a triumph for crypto advocates
The bill, known as HJR 146, was spearheaded by State Representative Giovani Capriglione, receiving 139 votes in favor and only two against. This amendment aims to protect the financial privacy and wealth of Texans in a rapidly evolving digital landscape.
As a reflection of the U.S. Bill of Rights, the Texas Bill of Rights safeguards crucial liberties such as freedom of speech, religion, and press. However, it also includes rights unique to the Lone Star State, including the right to bear arms and to a speedy trial.
With the approval of this amendment, Texans will also have the right to use cryptocurrencies, once the bill passes its final vote in the House, the Senate, and ultimately, a vote by the people.
Countering central bank digital currencies
The amendment has been praised as an effective method to counter the rise of Central Bank Digital Currencies (CBDCs). By ensuring Texans’ right to utilize digital currencies, the bill effectively renders CBDCs “worthless.”
This sentiment is shared by Texas Senator Ted Cruz, who previously warned about the dangers of introducing CBDCs, arguing that their proponents “hate Bitcoin, and they hate cash.”
The Texas Constitutional Enforcement organization emphasizes the importance of cash alternatives to protect the financial privacy of Texans. The group argues that an unstable dollar has the potential to devastate the wealth Texans have spent a lifetime accumulating.
By allowing residents to utilize various forms of currency, the state can prevent their financial privacy from being eroded by government scrutiny, competitors, and employers.
By incorporating the right to own, hold, and use digital currencies into the Texas Bill of Rights, the state seeks to invoke the 9th Amendment of the U.S. Constitution, which guarantees additional natural rights beyond the first eight amendments.
This innovative approach not only protects the financial interests of Texans but also sets a precedent for other states to consider as the adoption of digital currencies grows.
Although the bill still has to pass one more vote in the House before moving to the Senate and ultimately a vote by the people, its approval thus far is a significant milestone in the fight for digital currency rights.
This development follows Senator Ted Cruz’s January introduction of the “Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution,” which sought to encourage the federal government to promote crypto adoption at the Capitol. However, that bill has not progressed since its introduction.
As cryptocurrencies continue to generate new jobs, provide hedges against inflation, and gain acceptance as a form of payment, Texas’ proposed amendment to its Bill of Rights underscores the importance of safeguarding the rights of individuals to participate in this growing industry.
With Texas leading the way, the future of digital currency rights in the United States could soon experience a significant shift.
