Texas congressman introduces resolution to protect bitcoin miners and holders

STATEWIDE — Texas congressman Cody Harris introduced a resolution, Tuesday, to protect individuals who use and mine Bitcoin. The resolution, HCR No. 89, states that certain principles regarding items of value that are embedded in the Texas Constitution, and these principles should be applied to all citizens with respect to the use and storage of Bitcoin.

China’s Cryptocurrency Ban

In September 2021, the People’s Bank of China (PBOC) banned all cryptocurrency transactions. Earlier that year in June it banned all domestic crypto mining. The Mining process creates and validates new coins. It involves solving complex mathematical problems using powerful computers. Mining verifies and processes transactions on the Bitcoin network.

The resolution emphasizes the importance of protecting Bitcoiners and miners rights amid these recent moves to restrict their activities. It describes the Chinese government’s decision to restrict cryptocurrency activities as an authoritarian form of rule. Harris says this is in complete opposition to the values of the United States.

The resolution notes that many Bitcoin miners left China to continue their work in other countries – the “great mining migration.” This event benefited Texas as many Bitcoin miners relocated to the state.

Bitcoiner’s Rights

HCR No. 89 supports protecting individuals who code or develop on the Bitcoin network. This is in accordance with Section 8, Article I, Texas Constitution, which states that every person shall be at liberty to speak, write or publish his opinions on any subject.

“That individuals who mine Bitcoin in Texas will never be inhibited by any law or resolution that restricts the practice of securing the Bitcoin network for the safety of the virtual currency, which is held and transferred peer-to-peer;” says the resolution.

In addition, the resolution also extends protection to Bitcoiners’ ability to store it in digital wallets under Section 9, Article I, of the Texas Constitution. This prevents unlawful seizure of individual property.

The resolution goes on to say that Texas shall never deprive citizens of their right to own Bitcoin.

“All Bitcoin owners will be protected as they enjoy all the privileges associated with the cryptocurrency, including the immunity afforded by censorship-resistant spending of Bitcoin and the ability to store Bitcoin in an unhosted wallet without undue interference from any state agency,” says the resolution.

The resolution ends with the statement that the Bitcoin economy is welcome in Texas for those in the United States and the broader global network who work on Bitcoin coding, programming, and mining.

To read the full resolution visit https://capitol.texas.gov/tlodocs/88R/billtext/pdf/HC00089I.pdf