Texas Republicans Call for Crypto Amendment in State Constitution

The Republican party of Texas is calling for the state to amend its Bill of Rights with the inclusion of a clause which permits its citizens to own, hold and use any medium of exchange to their liking.

The Texas GOP states in the proposed addition to the Bill of Rights:

“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.”

It continues:

“No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency. Explicit protections [are needed] for the natural right of Texans to keep and exchange and store their wealth in the mediums of exchange of [their] choice.”

Texas as global hotspot for cryptocurrency?

Many Republican officials in Texas would like to see the state grow its potential as a cryptocurrency hub. Most notably, Texas Senator Ted Cruz, himself an official Bitcoin dip buyer, called for his home state to become the center of the universe for the flagship cryptocurrency and other crypto assets.

After the state’s Department of Banking issues a notice last year, Texas state-chartered banks are authorized to provide cryptocurrency custody services to its customers. Each bank can therefore choose what kind of crypto custody services it wants to offer based on its own expertise, risk appetite, and business model.

Texas is also home to a pilot project, which has Blockstream and Block collaborate in the development of a crypto mine, powered by a Tesla solar installation.