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Texas lawmaker introduces resolution to protect Bitcoin miners and HODLers

The Lone Star State is already home to many crypto and blockchain firms as well as miners taking advantage of the regulatory-friendly environment.

Texas House lawmaker Gerd Sanders has issued a resolution designed to help legislators show in the state that the bitcoin economy is popular.

In a resolution released on March 21, Sanders encouraged Texas lawmakers to "agree to defend the person who numbered or developed bitcoin online", as well as mining and bitcoin makers operating in the Lone Star State. The state US congressman added that the power of "all unreasonable detention or search" in our constitution in Texas should be extended to try to check the digital currency of residents.

"the mining of Bitcoin in Texas has never been restricted by all laws, regulations or resolutions that limit the maintenance of the Bitcoin Internet for the security of digital currencies," the resolution said. " In the wider community, all people who have Bitcoin are also selected as a way to store their money and conduct peer-to-peer transactions with other law-abiding Chinese citizens in Texas. they will feel casual and secure about the ownership and use of Bitcoin from beginning to end.

The House of Representatives also passed Resolution 89, which, if supported, would not be suitable for Texas laws and regulations to some extent, but showed some of the mentality of legislators. The resolution refers to our government's crackdown on login password miners, a move that has prompted many companies to rush to Texas. Riot Platform, Core Science and White Rock Management are one of a number of companies to open operations in this lone star state.

Under the state's commercial law, digital currency is recognized as part of the Texas uniform Commercial Code amendment. But some federal lawmakers blame Texas's seemingly casual regulatory regime because the energy consumption of mining companies may have an impact on the natural environment.

Greg Abbott, the mayor of Texas, who was re-elected for a four-year term in November 2022, had previously declared himself a proponent of the state's "password proposal". According to California Mayor Ron de Santis, Texas is trying to ban the central bank's digital currency, both at home and abroad, after its corporate office announced a similar initiative on March 20th.

by Turner Wright
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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