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- 1 Texas is about to become the first state to include the right to use digital assets in its legislation.
- 2 HJR146 could pave the way for cryptocurrencies to be accepted across the U.S.
Digital assets are slowly getting mainstream with countries trying to figure out regulations worldwide. Texans were rejoiced to have amendments made in the legislature to include the right to use digital assets. The state of Texas voted in favor of the amendment in Texas’ Bill of Rights, which included digital assets as “a mutually agreed upon medium of exchange.”
Texas Embraces Digital Assets
The bill called House Joint Resolution 146 (HJR146) is backed by the Texas state legislature. It was proposed by the State Representative Giovanu Capriglione on May 10, 2023 and was approved with 139 votes in favor and 2 against on May 11.
“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.” – The Official Bill.
However, the clause of “mutually agreed upon” included in the bill gives the businesses operating in the state the right to refuse cryptocurrency.
The Texas Bill of Rights imitates the United States Bill of Rights, which protects human rights like freedom of religion, speech, and others stated in the bill. The Lone Star State had some additions to the bill when they included the right to own guns and protection from imprisonment due to debt.
The founding member of Texas Constitutional Enforcement Group, Tom Glass, tweeted elaborating the developments in the Texas’ Bill of Rights. Arguing that the progress could lay the foundation stone for cryptocurrencies to be accepted throughout the United States.
In the ninth amendment of the United States Bill of Right states that “the enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.” This scenario puts into writing that some rights exist which are not listed in the other amendments.
There are chances that the Federal Courts might try to contest against HRJ146, if so the decisions in the ninth amendments could help in encouraging the mainstream acceptance of cryptocurrencies in the United States.
The Texan bill states the inclusion of crypto assets usage as a “natural right” for all its citizens. If HRJ146 delivers on what is expected, the Federal Judiciary could also treat crypto assets similarly and add them to the United States Bill of Rights.
Even though the bill is approved, it must now pass for final voting in the House of Representatives. The Senate shall then vote on it. Finally a public voting would determine the future of the Texas Bill of Rights.
More than ever, such steps are required, as the U.S. is falling behind in embracing crypto. With constant tussle between crypto entities and the authorities, the companies are looking to relocate elsewhere. The Lone Star State could be the one to direct the voyage in the right direction.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
