The world of digital currencies has been witnessing rapid growth and adoption, and as a result, regulatory measures have become an essential part of the conversation. Recently, a joint resolution passed almost unanimously by Texas lawmakers has moved to amend the state’s bill of rights to include the right to own, hold, and use digital currencies. The vote, which concluded in a 139-2 decision on Wednesday, could prove to be a significant milestone in mainstream acceptance.
The bill, HJR 146, states that “the right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or privately issued scrip, when trading and contracting for goods and services shall not be infringed.” It also emphasizes that “no government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency.” Following one more vote in the House, the legislation will be passed to the Senate, and if successful, Texans will ultimately have the final say at the November 7th election.
Initiated by Republican State Rep. Giovanni Capriglione in March, the bill has received notable support among Texan politicians, including US Sen. Ted Cruz. He has demonstrated his enthusiasm for cryptocurrencies through the introduction of multiple bills in the past year. One such bill, the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution, proposed the encouragement of crypto acceptance as a form of payment in the US Capitol. Though introduced in the Senate on January 25th, the bill has not progressed further.
Cruz highlighted the employment opportunities presented by the crypto industry and its potential as a hedge against inflation, stating, “This is precisely why we, here at the United States Capitol, should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill.”
However, there has been some disagreement among lawmakers, exhibited by Cruz’s suggestion to ban the US Federal Reserve from issuing a central bank digital currency (CBDC). This aligns with other Republicans’ concerns, as they criticize the idea of a US-backed CBDC. In March 2022, Cruz introduced another bill aiming to ban the Fed from developing a direct-to-consumer CBDC.
While digital currencies continue to gain traction, it’s essential to weigh the potential impact on everything from consumer privacy to national security. Texas’ recent vote on digital currency rights represents a significant moment in the evolving landscape of cryptocurrency regulation, and its outcome will be critical for shaping the industry’s future. As regulatory debates manifest worldwide, the journey towards defining the role of digital currencies within global economic systems remains an ongoing conversation.
Source: Cryptonews
