With cash app, Venmo, online banking, and more, people are growing more dependent on moving money digitally and online, rather than cash and checks. Additionally, with centralized banking causing worry for people over the control of money, Texas might become the first state to add the right to own digital currency, without government prohibition, to the Texas Bill of Rights.
The Texas House of Representatives has passed House Joint Resolution 146 by State Representative Giovani Capriglione (R). HJR 146 amends the Texas Consitution to say, “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.”
HJR 146 further amends that the government would not be able to prohibit Texans from owning cash or cash substitutes, including cryptocurrency. The provision of a “mutually agreed upon medium of exchange” gives businesses the right to refuse digital currency as well.
The Texas House of Representatives voted in favor of the bill by 136 votes.
Forbes explained in an article the negative aspects of centralized banking and where cryptocurrency is able to benefit owners of digital currency because of its decentralized nature. Centralized banks have access to your data which includes social security, IDs, spending habits, address, demographic data, and where you work. With centralized banking, Texans are at risk of having their financial privacy misused, shared with the federal government or third parties, or hacked.
Forbes wrote that the original goal of Bitcoin was “to eliminate the need for a trusted third party and enable two willing parties to transact directly without having to suffer from the weaknesses of a trust-based model.”
The bill was written as more banking and money transactions are moving to the digital platform and financial elites are moving to get everyone on their financial services.
Supporters of the bill, including The Texas Constitution Enforcement group, believe it’s time to recognize the rights of Americans to use digital currency and counteract the growth of centralized banking. “An essential part of keeping Texas strong and free from federal interference is the protection of the financial health and privacy of Texans. An unstable dollar can destroy the wealth that Texans have spent a lifetime producing. Texas cannot allow global financial elites to force Texans to use and pay for their services, leaving all of their financial eggs in one basket, subject to devaluation and confiscation,” wrote the Texas Constitution Enforcement group.
Texas would be the first state to make the use of cryptocurrency an individual right. The Texas Constitution Enforcement group believes that either other states will start adopting this measure, or that the federal government will go after the legislation, and Texas can use the 9th Amendment in federal courts to uphold a precedent for all Americans.
“[The] objective of adding this to the Texas Bill of Rights is to make a case in the federal judiciary to invoke the 9th Amendment to the U.S. Constitution which says that there are other natural rights besides those in the first 8 amendments,” said Tom Glass, Founder of the Texas Constitutional Enforcement group. “If Texas recognizes, the feds should under the 9th. So now, if feds mess with Texans, we have a 9th amendment argument in the federal judiciary.”
FAQs
The Texas House of Representatives voted in favor of the bill by 136 votes. Forbes explained in an article the negative aspects of centralized banking and where cryptocurrency is able to benefit owners of digital currency because of its decentralized nature.
Does Texas support cryptocurrency? ›
In the Lone Star State, crypto also draws support from a diverse cross-section of society. Crypto ownership is higher among Texas households earning less than $75,000, underlining the technology's appeal to everyday Americans seeking financial empowerment.
Is Texas against the Cbdc? ›
Ted Cruz (R-Texas), joined by Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N. C.), and Mike Braun (R-Ind.), today filed legislation to halt efforts by the Biden administration to issue a central bank digital currency (CBDC):
What are the crypto laws in Texas? ›
In other words, banks can legally provide cryptocurrency services under the state laws of Texas. Additionally, Texas banks are legally permitted to create cryptocurrency private keys and possess them on behalf of clients. A private key refers to a form of cryptography that allows a user to access their cryptocurrency.
Did Texas introduce a bill to protect rights of Bitcoin holders miners and developers? ›
Fast facts. The bill will provide legal protection for those owning and engaging in Bitcoin-related activities, including the immunity afforded by censorship-resistant Bitcoin spending and the ability to store Bitcoin in an unhosted wallet without state interference.
Is there no crypto tax in Texas? ›
Texas does not have a state capital gains tax, but capital gains from your crypto are subject to the regular federal tax rates. If you have capital losses, federal rules allow you to offset your gains with those losses.
Can you buy a house in Texas with cryptocurrency? ›
A Texas startup is allowing people to buy real estate with cryptocurrency through its platform. MyEListing launched a website where people can use bitcoin or ether to buy Texas-based commercial and residential properties listed on the site.
What is Texas House Bill 4903? ›
Texas House Bill 4903. Bill Title: Relating to the issuance of gold and silver specie and the establishment of a digital currency based on gold and silver; authorizing a fee.
Will Bitcoin survive CBDC? ›
Cryptocurrencies can survive the emergence of central bank digital currencies only if it remains an investment asset. But once its promoters insist on it becoming a currency, it will collapse because it cannot compete legally with fiat digital currency or CBDCs. Agur, I., Ari, A., & Dell'Ariccia, G. (2021).
What is the Texas gold backed currency? ›
The proposal, if passed, could give Texans the ability to buy everyday goods with a new digital currency backed by actual Texas gold. Here's how it would work in practice: Individuals would purchase the digital currency from the State of Texas. The state would use the money to buy gold.
This bill specifies that digital assets are property within the Uniform Commercial Code; authorizes security interests in digital assets, allows banks to provide custodial services for digital asset property and provides procedures for the provision of custodial services.
What is the new law for crypto? ›
The Infrastructure Investment and Jobs Act, which passed Congress in November of 2021, included a provision amending the Tax Code to require anyone who receives $10,000 or more in cryptocurrency in the course of their trade or business to make a report to the IRS about that transaction.
What is illegal use of cryptocurrencies? ›
In 2021, 0.15% of known cryptocurrency transactions conducted were involved in illicit activities like cybercrime, money laundering and terrorism financing, representing a total of $14 billion.
Can the government confiscate bitcoin? ›
They can confiscate bitcoin. However, if the bitcoin is held by the user via private key, they can't confiscate it without the knowledge and cooperation of the user, because transactions must be signed by the private key. That is what is meant.
Does Texas accept bitcoin? ›
The current state of Bitcoin ATMs in Texas is quite robust. According to Coin ATM Radar, there are currently over 4,000 Bitcoin ATMs located throughout the state, with the majority concentrated in major cities such as Houston, Austin, and Dallas.
Could the government confiscate bitcoin? ›
Criminal Forfeiture
A warrant is not the only way for a law enforcement agency to seize bitcoin held by another individual or entity. Bitcoin can also be taken by the government through a process called forfeiture. Forfeiture is the permanent loss of that bitcoin by way of court order or judgment.
Does Texas accept Bitcoin? ›
The current state of Bitcoin ATMs in Texas is quite robust. According to Coin ATM Radar, there are currently over 4,000 Bitcoin ATMs located throughout the state, with the majority concentrated in major cities such as Houston, Austin, and Dallas.
Do the Houston Texans accept Bitcoin? ›
People that plan on attending Houston Texans games will now be able to buy single game suites with bitcoin BTC 0.0% . BitWallet, a private entity will then convert the bitcoin into fiat for the team. BitWallet became the team's official partner as a digital currency wallet to help expand their entertainment sales.
Is Coinbase restricted in Texas? ›
Yes, most of the large US-licensed exchanges that list BTC and ETH are available to Texas residents. Coinbase, Gemini, Venmo and even PayPal offer these popular coins and more.
Does Texas allow bitcoin mining? ›
Texas has been called a bitcoin boom state with nearly 30 crypto mining facilities, including Core Scientific in Denton and another unnamed one on the way after the Denton City Council directed staff to move forward with the project last week.
