Texas has recently made headlines by becoming one of the first states to include crypto assets in its Bill of Rights. On May 11, 2023, the state’s lawmakers passed a bill that would safeguard Texans’ right to own, hold, and use cryptocurrencies. This new development is being welcomed by crypto enthusiasts and experts who see this as a significant step towards the mainstream adoption of digital currencies.
The Amendment Details
Texans are being provided with essential liberties, including the right to free speech, religion, and the press, as well as the right to own and use crypto assets through the new amendment known as HJR 146. The bill states that the government cannot prohibit the ownership or holding of any form of currency, including digital currencies.
“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.”
Although a majority of Texas lawmakers have passed the bill, there is still one more vote in the House before it moves on to the Senate for approval. After that, it will be put to the people’s vote, which means it may take some time before it becomes official law.
Fighting CBDCs
Some community members see the bill as an appropriate way to fight CBDCs, or Central Bank Digital Currencies. Instead of banning them, the bill simply makes them “worthless.” According to Texas Senator Ted Cruz, “the same people that want to see a CBDC, they hate Bitcoin, and they hate cash.”
According to the Texas Constitutional Enforcement group, using cash alternatives is “essential” for safeguarding Texans’ financial privacy. They also argue that “an unstable dollar can destroy the wealth” of Texas, making the need for an alternative currency all the more necessary.
