Numerous crypto and blockchain companies and miners taking advantage of the regulatory-friendly atmosphere are already established in the Lone Star State.
Cody Harris, a Texas House of Representatives member, has filed a resolution to have the legislature declare that the “Bitcoin economy is welcome” in Texas.
In a March 21 resolution, Harris urges Texas legislators to “express support for protecting individuals who code or develop on the Bitcoin network,” as well as miners and Bitcoiners operating in the Lone Star State. The state lawmaker noted that the Texas constitution’s protections against “unreasonable seizures or searches” should apply to efforts to inspect people’s digital assets.
“All members of the broader community who choose to store their wealth in Bitcoin and engage in peer-to-peer transactions with other law-abiding Texans shall always feel free and secure in their Bitcoin ownership and use.”
House Concurrent Resolution 89 would not significantly affect Texas laws and regulations but instead, represent legislators’ sentiments if enacted. The resolution mentioned the Chinese government’s crackdown on cryptocurrency miners, which pushed numerous companies to Texas.
As a result of a modification to Texas’ Uniform Business Code, cryptocurrencies are recognized under the state’s business regulations. However, some federal senators have questioned Texas’ weak regulatory framework for the possible environmental harm caused by mining companies’ energy usage.
Greg Abbott, reelected to a second four-year term as governor of Texas in November 2022, has previously identified himself as a “crypto law proposal supporter” in the state. Texas might consider a ban on international and domestic central bank digital currencies, according to Florida Governor Ron DeSantis, who launched a similar effort on March 20.
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