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CONCURRENT RESOLUTION
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WHEREAS, Bitcoin was created by the person or persons who |
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represent the pseudonymous author Satoshi Nakamoto, who wrote the |
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whitepaper describing the Bitcoin network and peer-to-peer |
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transfers of a new kind of digital currency; Nakamoto and software |
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engineer Hal Finney participated in the first Bitcoin transaction |
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on January 3, 2009; and |
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WHEREAS, Bitcoin introduced a number of technological |
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breakthroughs, including the holding of cryptographic keys that |
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represent a person's ownership of Bitcoin and the "blockchain," or |
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"distributed ledger," technology that provides an ongoing, public |
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record of the history of transactions on the network; and |
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WHEREAS, The Bitcoin network is secure, and peer-to-peer |
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transactions are confirmed by Bitcoin miners who use specialized |
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computers and complex algorithms to solve math problems; the first |
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miner to solve the problem wins the block and receives newly minted |
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Bitcoins as a block reward; and |
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WHEREAS, Over the years, Bitcoin has become a widely used |
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cryptocurrency, and Bitcoin miners in Texas make up approximately |
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25 percent of all Bitcoin mining activity in the United States; |
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owners of Bitcoin are able to custody the cryptocurrency in digital |
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wallets that prevent unlawful seizure of individual property, and |
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they can participate in censorship-resistant transactions on the |
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Bitcoin network; and |
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WHEREAS, The Chinese government banned both the trading and |
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mining of cryptocurrency in 2021, and this decision represents an |
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authoritarian form of rule that is in complete opposition to the |
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values of the United States; many Bitcoin miners left China to |
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continue their work in other countries; known as the "great mining |
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migration," this event benefited Texas, both as a state and as one |
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of the largest economies in the world; however, other states and |
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countries, such as New York and parts of Europe, have considered |
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banning or temporarily suspending Bitcoin mining activities; and |
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WHEREAS, The Lone Star State has certain principles regarding |
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items of value that are embedded in the Texas Constitution, and |
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these principles should be applied to all citizens with respect to |
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the use and storage of Bitcoin; now, therefore, be it |
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RESOLVED, That the 88th Legislature of the State of Texas |
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hereby express support for protecting individuals who code or |
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develop on the Bitcoin network in accordance with Section 8, |
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Article I, Texas Constitution, which states that "Every person |
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shall be at liberty to speak, write or publish his opinions on any |
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subject"; and, be it further |
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RESOLVED, That individuals who mine Bitcoin in Texas will |
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never be inhibited by any law or resolution that restricts the |
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practice of securing the Bitcoin network for the safety of the |
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virtual currency, which is held and transferred peer-to-peer; and, |
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be it further |
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RESOLVED, That all Bitcoin miners are welcome to seek out any |
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forms of energy to help secure the Bitcoin network in the state of |
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Texas; and, be it further |
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RESOLVED, That the individuals who own Bitcoin should be |
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protected under Section 9, Article I, Texas Constitution, which |
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states that "The people shall be secure in their persons, houses, |
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papers and possessions, from all unreasonable seizures or |
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searches"; this right should also extend to digital possessions, |
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such as cryptocurrencies; and, be it further |
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RESOLVED, That no citizen of Texas shall ever be deprived of |
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their right to own Bitcoin and that all Bitcoin owners will be |
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protected as they enjoy all the privileges associated with the |
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cryptocurrency, including the immunity afforded by |
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censorship-resistant spending of Bitcoin and the ability to store |
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Bitcoin in an unhosted wallet without undue interference from any |
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state agency; these protections shall be extended to Bitcoin owners |
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in accordance with Section 19, Article I, Texas Constitution, which |
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states that "No citizen of this State shall be deprived of life, |
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liberty, property, privileges or immunities, or in any manner |
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disfranchised, except by the due course of the law of the land"; |
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and, be it further |
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RESOLVED, That those in the United States and the broader |
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global network who work on Bitcoin coding, programming, and mining, |
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shall know by this resolution that the Bitcoin economy is welcome in |
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Texas, and that the Texas Legislature shall always seek to protect |
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the rights of its citizens under the law and foster the growth and |
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development of local businesses; in addition, all those in the |
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broader community who choose to own Bitcoin as a manner of storing |
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their wealth and transacting peer-to-peer with other law-abiding |
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Texas citizens shall always feel free and safe in their ownership |
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and use of Bitcoin in the state of Texas. |