Texas Politician Puts Forward Legislation to Protect Bitcoin Miners and HODLers 

Texas State Representative Cody Harris recently introduced legislation with the aim of having the legislature declare that the “Bitcoin economy is welcome” in the state.

In a resolution published on March 21, Harris called on Texas elected officials to “express support for protecting individuals who code or develop on the Bitcoin network” on top of miners and Bitcoiners carrying out operations in Texas. Harris continued by noting that Texas’ constitutional rights with regards to “all unreasonable seizures or searches” should be broadened to protect citizens from government attempts to seize 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,” the resolution stated. “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.”

Should House Concurrent Resolution 89 be adopted, it would not mostly apply to Texas’ laws and regulations, but rather demonstrate a specific sentiment that elected officials hold. The resolution alluded to the Chinese government’s decision to clamp down on crypto miners. This move prompted many businesses to relocate to Texas. According to a report by Cointelegraph, Riot Platforms, Core Scientific and White Rock Management were among the most prominent firms to set up shop in Texas. 

Under Texas’ commercial laws, an amendment to Texas’ Uniform Commercial Code recognizes cryptocurrencies. However, several elected officials in the US Congress have criticized Texas’ lax regulatory structure when it comes to cryptocurrency regulation. These politicians are particularly irked by the lack of environmental regulation with regards to cryptocurrencies, given how mining firms are perceived to consume copious amounts of energy. 

While such resolutions are welcome developments, there needs to be real legislation with teeth that bars the feds from undermining the rights of cryptocurrency holders. This type of legislation is what will allow technologies like cryptocurrencies to thrive and reach their full potential and challenge the current monetary regime. 

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