Texas Senate Bill SJR55

Texas 2021 - 87th Regular

Caption

Proposing a constitutional amendment relating to the right to own, hold, and use any mutually agreed upon medium of exchange.

Impact

The implications of SJR55 could be significant for both personal freedoms and state commercial policies. If enacted, this amendment would strengthen individuals' rights to choose their medium of exchange, potentially leading to a more vibrant market for alternative currencies and forms of value exchange. Supporters argue that this is vital for protecting individuals against any governmental overreach that might restrict access to various forms of currency, especially as digital currencies continue to gain popularity in commerce and trade.

Summary

SJR55 proposes a constitutional amendment to enhance the rights of individuals regarding the ownership, holding, and use of any mutually agreed upon medium of exchange. This includes not only cash and coin but also extends to bullion, digital currencies, and other embodiments of currency such as scrip. The amendment seeks to ensure that no governmental body can infringe upon or restrict the ability of individuals to use these forms of currency when engaging in trade and contracting. This aims to solidify economic freedoms that are increasingly relevant in a digitized economy.

Contention

While the bill has considerable support among proponents of economic freedom and advocates for cryptocurrency, it could also face opposition from regulatory bodies concerned about the implications of unregulated currencies. Critics might argue that without oversight, the use of non-governmental mediums of exchange could lead to issues such as fraud, money laundering, or other economic crimes. Additionally, there may be apprehension about financial stability should alternative currency systems proliferate unchecked, making regulatory compliance more challenging.