The majority of Texas legislators favored adopting the right to own, keep, and utilize crypto assets in an updated Bill of Rights on May 11. Giovani Capriglione, a state representative, proposed House Joint Resolution 146. The measure was approved by 139 legislators and rejected by just two.
The measure guarantees individuals the freedom to use whatever form of money they choose in transactions: “The right of the people to own, hold, and use any medium of exchange, including cash, coin, bullion, digital currency, or scrip, shall not be infringed.”
It was stated in the text that the government will not restrict citizens’ ability to acquire or keep any type of cash in their possession. The Texas Bill of Rights protects fundamental freedoms in the same way that the U.S. Bill of Rights does. The freedoms of expression, religion, and the press all fall under this category. But other rights, like the freedom to carry arms and the right to a speedy trial, are unique to Texas.
If the most recent amendment is adopted and signed, Texans will be able to utilize crypto as well. Tom Glass, head of the Texas Constitutional Enforcement group, said that his group needs one more vote to pass the House. The next step is a vote in the Senate and then by the people. As a result, the measure will not become law until some point in the future.
There are those in the community who think this legislation is the best strategy for countering CBDCs. The measure does not outright prohibit them, but rather renders them “worthless.” Senator Ted Cruz of Texas published a statement last month warning of the perils of legalizing CBDCs.
He said, “the same people that want to see a CBDC, they hate Bitcoin, and they hate cash.”