Texas lawmakers passed an important amendment on May 11th which guarantees the inclusion of the right to own, hold, and utilize digital currency in the state’s Bill of Rights.
Bill HJR 146, which State Representative Giovani proposed, affirms the right of individuals to engage in trade and contractual agreements using different mediums of exchange, including digital currency, cash, coins, bullion, or scrip. The bill emphasizes that this fundamental right cannot be infringed upon.
The document read:
No government shall prohibit or encumber ownership or holding of any form or any amount of money or other currency.
The document had received 139 votes in favor and only two against it.
The Texas Bill of Rights shares similarities with the U.S. Bill of Rights in safeguarding essential liberties like freedom of speech, freedom of religion, and freedom of the press; additionally, it also encompasses distinct provisions particularly applicable to Texas. These include the right to a prompt trial and possession and carrying of firearms for self-defense purposes.
If successfully passed and signed into law, the latest update to the Texas Bill of Rights will not only protect existing fundamental rights but also grant the residents of Texas the explicit right to utilize cryptocurrencies, including popular digital currencies like Bitcoin.
Digital Currency Bill Awaits Final House Vote Before Moving To Senate
Tom Glass, the founder of the Texas Constitutional Enforcement group, stated on Thursday, May 11, that HJR 146 is set for one final vote in the House before proceeding to the Senate and eventually being put to a vote by the public.
Glass explained that the bill’s purpose is to utilize the addition of the right to own, possess, and utilize digital currency within the Texas Bill of Rights. This inclusion will be used as a legal basis in federal court proceedings, invoking the ninth amendment of the U.S. Constitution.
The ninth amendment acknowledges fundamental rights beyond those specifically enumerated in the preceding eight amendments.
The Texas Constitutional Enforcement group argues that incorporating digital currency into the Texas Bill of Rights plays a vital role in preserving the financial privacy of Texas residents. They assert that the utilization of alternative currencies is imperative to shield the hard-earned wealth of Texans from potential erosion caused by the volatility of the U.S. dollar.
Additionally, the group emphasizes the importance of preventing Texans from solely dependent on the services provided by global financial elites, as this would expose all their financial assets to the risks of devaluation and confiscation.
Other prominent commentators have highlighted that the approach taken by the bill is far superior in addressing central bank digital currencies (CBDCs). Instead of outright banning them, the bill renders them effectively worthless.
Featured Image From UnSplash, Charts From TradingView.com
Sign Up for Our Newsletter!
For updates and exclusive offers enter your email.