- The Texas GOP is aiming to add a crypto-related amendment to the state’s constitution.
- The amendment would protect Texans’ right to own cryptocurrency.
- Critics, however, argue that digital currencies are often used for illegal purposes.
The Texas GOP platform calls for the state’s Bill of Rights to include a clause allowing citizens to own, hold and use whatever medium of exchange they decide, including digital currency. The current version of the Bill of Rights does not explicitly protect the digital currency, and some members of the Texas GOP believe that this could open the door for the government to one day ban or heavily regulate cryptocurrency.
We support adding a clause to the Texas Bill of Rights that recognizes the right of Texans to own, hold and use any medium of exchange, the platform reads.
The Texas GOP is not the first to call for such a change. Earlier this year, the Wyoming Legislature passed a bill that recognized digital assets as property, and several other states are considering similar measures. Cryptocurrency supporters have long argued that digital currencies should be treated like any other form of property and that governments should not be able to ban or heavily regulate them.
Critics, however, argue that digital currencies are often used for illegal purposes and that they are too volatile to be used as a mainstream medium of exchange. It is unclear if the Texas GOP’s call for a change to the state’s Bill of Rights will gain any traction. The party’s platform is not binding, and it would need to be approved by the Legislature before becoming law.
I would like to see Texas become the center of the universe for bitcoin and crypto,” U.S. Sen. Ted Cruz (R-Texas) told 700 attendees at the Texas Blockchain Summit last October in Austin. “I think it’s a fantastic opportunity for us.
Cruz is not the only Texas politician to express interest in digital currency. Last year, state Rep. Giovanni Castiglione (R-Southlake) filed a bill that would have created a task force to study how blockchain technology could be used by the state. The bill, which did not pass, would have also recognized digital currencies as a form of money.
In March, Rep. Tan Parker (R-Flower Mound) filed a bill that would have allowed Texas businesses to accept cryptocurrency as payment for goods and services. The bill, which died in committee, would have also created a “safe harbor” for businesses that use blockchain technology.
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