Texas GOP Call for Bill of Rights Amendment to Foster Crypto Adoption

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Blockchain
Texas GOP Call for Bill of Rights Amendment to Foster Crypto Adoption

The Republican Party politicians in the state of Texas are calling for the State’s Bill of Rights to include a clause, which will allow citizens to own, hold, and be at liberty to use whatever medium of exchange they like, including bitcoin (BTC) and other cryptocurrencies.

 Financial Liberty

 In a bid to ensure financial freedom and liberty in Texas, the GOP platform in the state is seeking to include a new clause in its Bill of Rights. The new proposition, if approved, will eliminate all forms of restrictions when it comes to payments and enable Texans to transact with any medium of exchange of their choosing, including bitcoin (BTC) and altcoins.

The politicians have made it clear that the main objective of the amendment is to ensure that the state is free from all forms of financial restrictions and limitations. 

The amendment aims to achieve a number of objectives, including: 

  • “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.”
  • “No government shall prohibit or encumber the ownership or holding of any form of the amount of money or other currency.”
  • “Exclusive protections for the natural right of Texans to keep, exchange, and store their wealth in the medium of exchange of their choice.”

The Republican party through this new proposition is determined to maintain the position of Texas as a hotbed for innovative technologies. 

Fostering Crypto Adoption 

Unlike in some U.S. states, including New York, where draconian regulations such as the BitLicense make life difficult for crypto startups, Texas’ crypto-friendly rules and forward-thinking politicians like bitcoin hodler, Sen.Ted Cruz,  Greg Abbot, and others, have made it the right destination for industry players. 

Texas is already a hotspot for crypto-focused businesses and a successful amendment of the state’s Bill of Rights to create room for crypto adoption, will no doubt attract more blockchain-related enterprises to America’s bitcoin (BTC) mining paradise. 

At a time when authorities in the United States and other jurisdictions are now waging war against proof-of-work (PoW) mining, with Senator Elizabeth Warren and her cohorts now asking regulators to demand more energy use data from miners, Texas remains a haven for these businesses.  

As reported by crypto.news earlier in May 2022, Argo Blockchain announced the go-live of its 200 megawatts bitcoin mining facility in Texas’ Dickens County. 

Last May, digital Infrastructure provider Mawson Infrastructure Group also collaborated with bitcoin miner, JAI Energy for the construction of a 120-megawatt bitcoin mining facility in Texas.

Despite the state’s liberal crypto stance, it hasn’t been all smooth sailing for bitcoin miners in Texas, as reports emerged on July 12, that miners had suspended operations following a directive from the Electrical Reliability Council of Texas (ERCOT), in a bid to stabilize electricity usage in the state amidst soaring temperatures.

However, as of July 19, bitcoin mining activities have resumed fully in the area

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.