Texas Introduces New Bill To Protect Bitcoin Holders and Miners

March 21, 2023 9:51 pm Comments

There are already multiple states that are creating a regulatory environment that is favorable to the crypto industry despite the harsh enforcement actions from the SEC.

For example, Arizona is one of those states where it has attempted to pass a bill that would make Bitcoin legal tender twice already.

Another state that is extremely pro-crypto is the state of Texas as the state just announced that it would be introducing a new bill that would essentially protect the rights of all Bitcoin holders, miners, and developers.

Cody Harris, a member of the Texas State House of Representatives, proposed this new bill with the aim to boost the “Bitcoin economy”.

In addition, the state is proposing to make Bitcoin an authorized investment for the state which could make it one of the most attractive states to do business for crypto firms.

Watcher.guru reports:

The bill talks about how Bitcoin has introduced several technological breakthroughs, including blockchain and distributed ledger.

The bill also stated how secure Bitcoin is: “Bitcoin network is secure, and peer-to-peer transactions are confirmed by Bitcoin miners who use specialized computers and complex algorithms to solve math problems; the first miner to solve the problem wins the block and receives newly minted Bitcoins as a block reward”

According to the latest details from the bill, the 88th Legislature of the State of Texas now supports individuals “who code or develop on the Bitcoin network in accordance with Section 8, Article I, Texas Constitution.”

The bill also talks about the freedom for BTC miners to seek out any form of energy for securing the Bitcoin network. The new bill also states that no citizen will ever be deprived of their right to own Bitcoin and speaks about their protection. The bill also reaffirmed the safety of owning and dealing with Bitcoin in the state.

It is quite reassuring when the state government is providing confidence to its citizens that their ownership of digital assets like Bitcoin will be protected.

So far, no other state has made such bold statements as there are many uncertainties regarding how digital assets will be regulated across the country.

An important detail in the bill is that it also protects Bitcoin miners who have recently been targeted due to concerns over energy consumption.

As a result, the new bill already getting some criticism as some are saying that this will have an environmental impact.

With that being said, Texas will likely becoming the crypto mining hub of the country due to its popularity among mining firms.

CoinTelegraph concludes:

Under the state’s commercial laws, cryptocurrencies are recognized as part of an amendment to Texas’ Uniform Commercial Code.

However, some lawmakers at the federal level have criticized Texas’ seemingly loose regulatory regime for the potential environmental impact caused by the energy consumption of mining firms.

Texas Governor Greg Abbott, reelected to another four-year term in November 2022, has previously referred to himself as a “crypto law proposal supporter” in the state.

According to Florida Governor Ron DeSantis, Texas was considering a ban on central bank digital currencies, both foreign and domestic, following a similar initiative announced by his office on March 20.

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