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The Texas GOP seeks to enshrine cryptocurrency in the state's constitution. The state is already an important cryptocurrency mining hub, and Republican officials are poised to try and capitalize on that momentum.
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 choose, including digital currency, according to Coindesk. “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,” begins the clause Texas Republicans would like to see added to the state's Bill of Rights.
“No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency,” the platform continues. “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.”
Many Republican officials in the state want Texas to solidify its status as a cryptocurrency hub, despite concerns from some lawmakers that the industry could overwhelm an already overburdened power grid. “I would like to see Texas become the center of the universe for bitcoin and crypto,” U.S. Sen. Ted Cruz (R-Texas) said at the Texas Blockchain Summit last October in Austin.
On a national level, the policy arm of the US Senate Republicans in April issued a paper on crypto, signaling the GOP is making gains toward a more unified stance on digital asset regulation.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.