A proposal has been made by lawmakers in Texas to add the right to own and possess cryptocurrencies to the bill of rights.
The proposed clause states that “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.” This will allow them to use crypto, bullion, and scrip for payments, apart from cash and coin”.
“No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency,” the platform continues.
“Explicit protections [are needed] for the natural right of Texans to keep and exchange and store their wealth in the mediums of exchange of [their] choice.” the proposed clause read.
If approved by the Republican Party of Texas (RPT), people will have the right to possess and use any form of exchange, be it in whatever form, which includes cryptocurrencies.
Residents will also be allowed to use digital assets as a means of payment without restrictions.
This is part of efforts by government officials in Texas to strengthen its position as a cryptocurrency hub.
The Texas State Securities Board in a blog post said that it is working on a second regulatory framework, to add to the last one conducted in late 2017.
The TSSB states that there are no Consumer Protections, no Regulations for virtual currencies, and does not regard cryptocurrencies as legal tender.
A second targeted regulatory “sweep” of cryptocurrency offerings is underway, the TSSB said.