Texas Moves to Safeguard Cryptocurrency Rights in Constitution

In a notable move towards recognizing cryptocurrencies, the Texas House of Representatives is deliberating an amendment that would extend constitutional protections to digital assets. If passed, this amendment will mark a significant milestone in the journey towards mainstream acceptance of cryptocurrencies.

A Vote for Digital Assets

Tom Glass, a previous candidate for the House, revealed that the amendment has received overwhelming support in a preliminary vote. With a staggering 139-2 result in favor of the amendment, the proposed provision could soon find its place in the Texas Bill of Rights.

The proposed amendment text is as follows: “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. No government shall prohibit or encumber ownership or holding of any form or any amount of money or other currency.”

According to Glass, the bill, sponsored by Representative Giovanni Capriglione, needs one more affirmative vote in the House before proceeding to the Texas Senate.

Crypto Advocacy and Constitutional Enforcement

Beyond his role in the House, Glass is also the head of Texas Constitutional Enforcement, a group committed to curbing what they perceive as unconstitutional actions. The group argues that forcing individuals to rely on financial institutions rather than using their preferred currency fosters an invasive state apparatus.

The group outlines the following concerns: “Being forced to use financial services instead of storing and using the currency of choice builds the police state because it allows governments to: 1) see every financial transaction you make, violating any right to financial privacy, and 2) easily confiscate the wealth of Texans via Cyprus-style ‘bail-ins’ or CBDC (central bank digital currency) expiration.”

Implications for Cryptocurrency

If this amendment is passed, it would underscore the growing recognition of cryptocurrencies as legitimate mediums of exchange. Moreover, it would protect cryptocurrency users from potential governmental overreach, thus paving the way for increased crypto adoption in Texas and potentially setting a precedent for other jurisdictions.