"Welcoming Bitcoin Economy" in Texas

 

"Welcoming Bitcoin Economy" in Texas

While the US approach to regulating cryptocurrencies makes corporate headquarters there less attractive, we have not lost everything for bitcoin believers.

Lone Star State is working on legislation to become home to bitcoin development.

A new bill was proposed to the Texas House of Representatives that would fully protect

and welcome the bitcoin economy.

Texas seems to adopt bitcoin where

The state is a strong supporter of personal financial independence.

The bill states:

Lone Star State has certain principles concerning

the valuable elements of the Texas Constitution

and all citizens must adhere to these guidelines when using and storing bitcoin.

The bill :

went so far as to :

ask the Chinese government to ban bitcoin in 2021.

The Chinese embargo is "an authoritarian form of government [i.e.] totally contrary to the values of the United States."

Protecting holders

1. After determining the protection of
2. Bitcoin principles, the bill described
3. the active action it would take to protect bitcoin users in Texas.

The bill provides legal protection for those

who own and participate in bitcoin-related activities.

Individuals who own bitcoin are protected under Article 9

Article 1 :

of the Texas Constitution, which states:

People must be safe in their people

homes :

papers and property, from all unreasonable seizures or searches."

Bitcoin miners will be free to engage in mining without restrictions from any law or decision and look for any form of energy to secure the Bitcoin network.

Texas will support individuals who encrypt or develop on bitcoin under Article 8, Article 1 of the Texas Constitution, which protects freedom of expression and the press.

Many of the protections offered under

the Texas bill contradict the rest of the United States.

For example, on March 9, President Joe Biden's administration proposed a tax on crypto miners equal to 30 percent of the cost of electricity.

Despite the federal government's decisions on cryptocurrency control and regulation

there seems to be a high chance that Texas law will become state law and provide a safe haven from the state's federal approach.

According to the legislative process

The House of Representatives will approve the measure.

1. if it is approved
2. the Senate will then see it
3. and then, the governor's office.

Texas Governor Greg Abbott referred to himself

On Twitter, I identified myself as a "proponent of the encryption law idea," adding that Texas need to take the lead on this issue just like we did with the gold warehouse.

With crypto regulations still vague

and often unmodified, companies feel driven outside the United States

However :

legislation protecting Bitcoin owners

and miners must lead to more friendly legislation for cryptocurrencies.