Key takeaways:
- The Texas legislature approves the inclusion of digital currency in the state’s Bill of Rights.
- The Texas Bill of Rights protects fundamental liberties such as the freedom of speech, religion, and the press.
The Texas state legislature of the United States has voted to add a clause recognizing people’s right to own, hold, and use digital currencies to the state’s Bill of Rights. The choice was decided on May 10th, a Wednesday.
State Representative Giovani Capriglione’s bill HJR 146 states that people have the right to use a mutually determined medium of exchange for trading and contracting goods and services, including digital currencies, cash, coin, bullion, or scrip, and that this right cannot be infringed upon.
Only two people opposed the paper, which garnered 139 votes in favor of it. Furthermore, the bill states that the government will not forbid people from owning or holding any currency, including cryptocurrencies. The statement further mentions:
“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.”
Like the U.S. Bill of Rights, the Texas Bill of Rights protects fundamental liberties such as the freedom of speech, religion, and the press. However, it also contains particular provisions that apply only to Texas, such as the right to a speedy trial and the right to carry a weapon with you should you need to defend yourself.
The most recent amendment will also enable Texans to use virtual currencies like Bitcoin if it passes and becomes law. The Texas Constitutional Enforcement group’s founder, Tom Glass, stated on May 11th that there remains one more House vote on HJR 146 before it moves to the Senate and a popular vote.
A few members of the community believe that the proposed legislation is the best strategy to combat CBDCs (Central Bank Digital Currencies). The bill just declares them “worthless,” as opposed to outright prohibiting them. Sen. Ted Cruz of Texas cautioned against the introduction of CBDCs last month. Then he said:
“the same people that want to see a CBDC, they hate Bitcoin, and they hate cash.”
The Texas Constitutional Enforcement group claims that using cash substitutes is “essential” for protecting Texans’ financial privacy. Another claim made by the organization was that “an unstable dollar can destroy the wealth” of Texas.
The purpose of the measure, according to Glass, is to use the Texas Measure of Rights’ inclusion of the right to acquire, possess, and use digital currencies as the basis for a legal argument in the federal courts. The ninth amendment to the U.S. Constitution, which acknowledges the existence of natural rights in addition to those that are expressly stated in the first eight amendments, would be cited in support of this claim.
The Texas Constitutional Enforcement organization contends that protecting Texans’ financial privacy requires the inclusion of digital currencies in the Texas Bill of Rights. The riches that Texans have fought so hard to earn must be protected from the erosion caused by an insecure U.S. dollar, they claimed; thus, using alternative currencies is essential.
The group also stressed that Texas residents shouldn’t be compelled to rely only on the assistance of the world’s financial elites because doing so would put all of their financial assets at risk of being seized and devalued.
