- A new Texas Bitcoin bill aims to protect Bitcoin miners and holders
- The resolution, proposed by Cody Harris, would reinforce citizens’ rights against anti-Bitcoin federal acts
- Texas has become a hotbed of Bitcoin mining in recent years
A resolution has been proposed by a Texas lawmaker that would officially welcome and protect the burgeoning Bitcoin economy. Cody Harris, who serves as a member of the Texas House of Representatives, proposed the resolution yesterday which aims to safeguard individuals who engage in Bitcoin coding or development, as well as miners and users of the cryptocurrency within the state. Harris also emphasized that Texas residents’ constitutional rights regarding “unreasonable seizures or searches” should also apply to their digital asset holdings.
Texas is America’s Home of Bitcoin Mining
Texas has emerged as a hotbed of Bitcoin mining, particularly since China clamped down on Bitcoin mining in 2021, thanks to its plentiful sources of natural energy. Harris’ bill wants to build on this rise, protecting those who wish to engage in building the Bitcoin industry, saying, “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 bill would also act to protect holders of Bitcoin, stating:
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.
Federal Lawmakers Worried About Environmental Impact
Were it to be approved, Harris’ House Concurrent Resolution 89 would primarily serve as a statement of the opinion of lawmakers, rather than have a significant impact on the laws and regulations of Texas. The state has already recognized cryptocurrencies under an amendment to its Uniform Commercial Code, but some federal lawmakers have expressed concerns about the state’s seemingly relaxed regulatory environment and the potential environmental impact caused by the energy consumption of mining firms.
Governor Greg Abbott, who was reelected in November 2022, has previously declared his support for crypto law proposals in Texas, suggesting that the Lone Star State will continue to stand by Bitcoin (so long as it continues to bring money in).