Texas Legislature Introduces Resolution to Protect Bitcoin Miners and HODLers

by · March 23, 2023

Cody Harris, a member of the Texas House of Representatives, has introduced a resolution aimed at getting the legislature to say that “the Bitcoin economy is welcome” in the state.

In a resolution released on March 21, Harris urges Texas lawmakers to “express support for protecting individuals who code or develop on the Bitcoin network” as well as miners and Bitcoiners operating in the Lone Star State. The state representative added that Texas’ constitutional rights regarding “any unreasonable seizure or search” should extend to attempts to raid citizens’ holdings of digital assets.

“Individuals mining Bitcoin in Texas will never be hampered by any law or resolution restricting the practice of securing the Bitcoin network for the safety of the virtual currency,” the resolution said. “All those in the wider community who choose to own Bitcoin as a means of storing their wealth and conducting peer-to-peer transactions with other law-abiding Texas citizens should always feel free and secure in their ownership and use of Bitcoin. “

House Concurrent Resolution 89, if passed, would largely not apply to Texas’ laws and regulations, but rather express some sentiment among lawmakers. The resolution cited the Chinese government’s crackdown on crypto miners, a move that drove many firms to Texas. Riot Platforms, Core Scientific and White Rock Management are among some of the companies establishing operations in the Lone Star State.

Under the state’s commercial laws, cryptocurrencies are recognized as part of an amendment to the Texas Uniform Commercial Code. However, some lawmakers at the federal level have criticized Texas’ apparently loose regulatory regime for the potential environmental impact caused by the energy consumption of mining companies.

Related: Bitcoin mining advocates go from state to state to educate US lawmakers

Texas Governor Greg Abbott, re-elected to another four-year term in November 2022, has previously referred to himself as a “supporter of crypto bills” 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.