Texas lawmakers have recently proposed adding a cryptocurrency constitutional amendment to the state’s Bill of Rights. The bill, dubbed HJR 146, was introduced by State Representative Giovani Capriglione.
The bill received overwhelming support in the Texas House of Representatives, with 139 votes in favor and two against.
The Amendments
HJR 146 states that “the right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or scrip, when trading and contracting for goods and services shall not be infringed.”
The statement, “no government shall prohibit or encumber ownership or holding of any form or any amount of money or other currency,” was also included in the document.
Tom Glass, the founder of the Texas Constitutional Enforcement group, stated that there is only one more vote in the Texas House of Representatives on HJR 146 before it proceeds to the Senate for further consideration. If the bill passes through the Senate, it could potentially go to a vote of the people.
The Texas Legislature has the power to propose constitutional amendments, and if the amendment is approved by two-thirds of both the House and Senate, it would then go to a statewide vote.
Protecting Crypto Users in Texas
According to Glass, the proposed amendment to the Texas Bill of Rights regarding cryptocurrencies is not only meant to recognize and protect them as legitimate forms of money but also to make a constitutional case for their recognition at the federal level.
By invoking the 9th amendment to the US Constitution, which holds that there are other natural rights in addition to those explicitly listed in the first eight amendments, proponents of this Amendment in Texas are hoping to establish legal grounds for the recognition of cryptocurrencies as a natural right.
This could potentially protect cryptocurrency users in Texas from federal regulations or limitations that might infringe on their right to use cryptocurrencies as a medium of exchange.
It remains to be seen if this amendment will actually pass and become part of the Texas Bill of Rights or whether it will have any practical effect on the legal status of cryptocurrencies at the federal level. Nevertheless, it represents a fascinating development in the ongoing efforts to navigate the ever-evolving landscape of digital currencies and their place within society and the law.
