With Texas legislators strongly supporting the inclusion of crypto in the Texas Bill of Rights, digital currencies could soon have legal safeguards.
The state of Texas has made progress in the adoption of the crypto industry in the state after Texas legislators largely voted in favor of including crypto in the Texas Bill of Rights. The amendment in the Texas Bill of Rights has several provisions for crypto, including the felicitation of holding and trading crypto tokens.
Giovani Capriglione, State Representative, introduced the new crypto bill, which states,”The right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or privately issued scrip, when trading and contracting for goods and services shall not be infringed.”
The crypto bill has provisions for preventing any government entity from barring individuals from holding their money in any form.
The clear structure of words used in the new crypto bill is an encouraging signal for the crypto industry in Texas for its growth and the adoption of crypto. While the bill received large support from Texas legislators, with 139 votes in favor of the crypto bill, only two voted against it.
The Texas Bill of Rights ensures that Texans are guaranteed certain freedoms and rights under various aspects. While it is similar to the US Bill of Rights, it also has other extra provisions. The crypto bill has been received positively by the crypto industry, as it enables crypto holders to trade their digital assets legally.
Two other bills in Texas are also in the fray for introducing gold-backed digital currencies.