The Republican Party of Texas has unveiled its 2022 platform and resolutions, detailing its principles and future goals. Among them is a plan to enshrine constitutional law allowing Texans to use whatever form of money they choose – including cryptocurrency.
- As the document states, the GOP will add protections for wealth transfer and storage to the Texas Bill of Rights. It will let Texans choose their medium of exchange, “including digital currency, gold and silver coin, bullion, cash, and scrip.”
- “This will help stop global institutions and the Federal Government from forcing Texans to use the financial services and currency dictated by them,” reads the platform.
- The plan was to listen to a broader set of goals titled “Texas Resistance to the Great Reset.” The goals are intended to pass laws protecting citizens’ rights from the Great Reset/Environmental, Social, Governance (ESG) scheme.
- ESG is beginning to play a big role in politics – especially as it pertains to Bitcoin. Democrats have frequently raised issues over Bitcoin’s proof of work mechanism for its energy consumption and possible environmental impact.
- By contrast, Greg Abbott – the Republican governor of Texas – is rapidly inviting miners to his state. He believes miners can help stabilize his state’s energy grid in the long term.
- The party contrast is prevalent regarding transactions as well. Democratic senators like Elizabeth Warren often show worry over cryptocurrencies’ potential use in illicit finance and sanctions evasion. Meanwhile, Republicans like Cynthia Lummis wish to pass legislation guaranteeing the right of individuals to control their own coins.
- Central Bank Digital Currencies (CBDC)’s are another partisan issue. In May, Federal Reserve Vice Chair Lael Brainard – a Democrat – spoke to the House Financial Services Committee supporting CBDCs.
- Republicans opposed the idea at the time. Senator Ted Cruz called it a “horrible idea,” while congressman Patrick McHenry claimed there were no compelling cases to introduce one.