88(R) HCR 89 – Introduced version – Bill Text

 

 

 

CONCURRENT RESOLUTION

 

       WHEREAS, Bitcoin was created by the person or persons who

 

represent the pseudonymous author Satoshi Nakamoto, who wrote the

 

whitepaper describing the Bitcoin network and peer-to-peer

 

transfers of a new kind of digital currency; Nakamoto and software

 

engineer Hal Finney participated in the first Bitcoin transaction

 

on January 3, 2009; and

 

       WHEREAS, Bitcoin introduced a number of technological

 

breakthroughs, including the holding of cryptographic keys that

 

represent a person’s ownership of Bitcoin and the “blockchain,” or

 

“distributed ledger,” technology that provides an ongoing, public

 

record of the history of transactions on the network; and

 

       WHEREAS, The Bitcoin network is secure, and peer-to-peer

 

transactions are confirmed by Bitcoin miners who use specialized

 

computers and complex algorithms to solve math problems; the first

 

miner to solve the problem wins the block and receives newly minted

 

Bitcoins as a block reward; and

 

       WHEREAS, Over the years, Bitcoin has become a widely used

 

cryptocurrency, and Bitcoin miners in Texas make up approximately

 

25 percent of all Bitcoin mining activity in the United States;

 

owners of Bitcoin are able to custody the cryptocurrency in digital

 

wallets that prevent unlawful seizure of individual property, and

 

they can participate in censorship-resistant transactions on the

 

Bitcoin network; and

 

       WHEREAS, The Chinese government banned both the trading and

 

mining of cryptocurrency in 2021, and this decision represents an

 

authoritarian form of rule that is in complete opposition to the

 

values of the United States; many Bitcoin miners left China to

 

continue their work in other countries; known as the “great mining

 

migration,” this event benefited Texas, both as a state and as one

 

of the largest economies in the world; however, other states and

 

countries, such as New York and parts of Europe, have considered

 

banning or temporarily suspending Bitcoin mining activities; and

 

       WHEREAS, The Lone Star State has 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; now, therefore, be it

 

       RESOLVED, That the 88th Legislature of the State of Texas

 

hereby express support for protecting individuals who code or

 

develop on the Bitcoin network 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”; and, be it further

 

       RESOLVED, 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; and,

 

be it further

 

       RESOLVED, That all Bitcoin miners are welcome to seek out any

 

forms of energy to help secure the Bitcoin network in the state of

 

Texas; and, be it further

 

       RESOLVED, That the individuals who own Bitcoin should be

 

protected under Section 9, Article I, Texas Constitution, which

 

states that “The people shall be secure in their persons, houses,

 

papers and possessions, from all unreasonable seizures or

 

searches”; this right should also extend to digital possessions,

 

such as cryptocurrencies; and, be it further

 

       RESOLVED, That no citizen of Texas shall ever be deprived of

 

their right to own Bitcoin and that 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; these protections shall be extended to Bitcoin owners

 

in accordance with Section 19, Article I, Texas Constitution, which

 

states that “No citizen of this State shall be deprived of life,

 

liberty, property, privileges or immunities, or in any manner

 

disfranchised, except by the due course of the law of the land”;

 

and, be it further

 

       RESOLVED, That those in the United States and the broader

 

global network who work on Bitcoin coding, programming, and mining,

 

shall know by this resolution that the Bitcoin economy is welcome in

 

Texas, and that the Texas Legislature shall always seek to protect

 

the rights of its citizens under the law and foster the growth and

 

development of local businesses; in addition, all those in the

 

broader community who choose to own Bitcoin as a manner of storing

 

their wealth and transacting peer-to-peer with other law-abiding

 

Texas citizens shall always feel free and safe in their ownership

 

and use of Bitcoin in the state of Texas.