View Full Version : Texas Lawmaker Proposes Constitutional Right to Own Bitcoin/Precious Metals

William Tell
03-18-2017, 09:59 AM
A Texas lawmaker has put forward a proposed constitutional amendment that would protect the right to own and use digital currencies like bitcoin in the state.

Texas House Joint Resolution 89, sponsored by Representative Matt Schaefer, would alter Article I of the Texas state constitution to enshrine the right to use any "mutually agreed upon medium of exchange". The bill was introduced on 2nd March.

Whatís more, the amendment would impede any government effort to interfere with that use or ownership.

As the resolution states:
"Article I, Texas Constitution, is amended by adding...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 or amount of money or other currency."

If passed by the legislature, the proposed amendment would then be included on the ballot for approval by Texas voters this November.

The proposal is perhaps unsurprising, given the stateís libertarian bent and cultural leanings toward the tech (http://www.coindesk.com/libertarian-party-texas-logs-votes-presidential-electors-blockchain/). The bill doesnít put digital currencies on the same level as legal tender, and state regulators donít recognize bitcoin as such in light of guidelines published in mid-2014 (http://www.coindesk.com/new-texas-memorandum-outlines-initial-bitcoin-exchange-guidelines/).