When Bitcoin becomes Texan – While some governments and regulators are openly hostile towards Bitcoin (BTC) and decentralized cryptocurrencies, others protect and encourage enthusiasts revolving around this technological revolution. This is the case of the American state of Texasabout to vote on a resolution to protect and welcome with open arms “Bitcoin Economy”.
Protection of individual property, resistance to censorship: assets appreciated in Texas
THE Texas is already one of most crypto-friendly regions in the world, but it was still not enough to Cody Harris, member of the Texas House of Representatives. In a resolution published on March 21, 2023, this representative of the Republican Party wishes protect THE minors And bitcoin owners.
The politician begins by praising the innovations and benefits of Bitcoin and recalls its level of adoption already pushed in the Lone Star State :
“(…) Bitcoin introduced a number of technological advancements, including holding cryptographic keys that represent a person’s ownership of their bitcoins; and ‘blockchain’ or ‘distributed ledger technology (DLT)’, which provides a continuous and public record of network transaction history. (…)
(…) over the years, Bitcoin has become a widely used cryptocurrency and (…) bitcoin miners in Texas account for about 25% of all BTC mining activity in the United States (…) bitcoin owners are able to hold cryptocurrency in digital wallets that prevent illegal seizure of individual property and (…) can participate in censorship-resistant transactions on the Bitcoin network. »
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Hands Off Bitcoin and Cryptosphere Enthusiasts
Faced with the federal state of Joe Biden and the desire of the White House to increasingly taxing crypto minersRep. Cody Harris wants prevent any hindrance to adoption from the invention of Satoshi Nakamoto.
“(…) it is resolved that no citizen of Texas will ever be deprived of their right to own bitcoins and that all owners of bitcoins will be protected as they enjoy all the privileges associated with cryptocurrency, including the immunity afforded by censorship-resistant bitcoin spending and the ability to store bitcoin in an unhosted wallet without undue interference from any state agency. (…)”
THE minors of the Bitcoin network, whose consensus is based on the proof of work (PoW) – and which are therefore numerous in Texas – are also put under protection by this resolution:
“(…) it is resolved that individuals who mine bitcoins in Texas will never be prevented by a law that restricts this practice of securing the Bitcoin network. (…) all bitcoin miners are urged to seek out any form of energy to help secure the bitcoin network in the state of Texas. (…) Let those in the United States and in the wider global network working on the coding, programming and mining of the Bitcoin network, know by this resolution that the Bitcoin economy is welcome in Texas. »
A message of welcome and kindness from Texas for Bitcoin and its community which cuts radically with the threats of new taxes and levies from the central state to Washington… or to fill the gap abyssal debt of the USA, Joe Biden seeks to to milk get up $24 billion additional cash cows in the cryptosphere (criticized, hampered, but above all taxed).
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