According to the Legislative Budget Board (LBB), HJR 175 is not expected to have any substantive fiscal impact on the State of Texas beyond the standard cost associated with publishing the proposed constitutional amendment. That cost is estimated at $191,689, which covers the requirement to publish the resolution in newspapers across the state ahead of the November 4, 2025, election.

The resolution proposes a constitutional amendment guaranteeing the right to own and use various forms of currency in private transactions, including digital currencies and privately issued scrip. While the measure establishes clear limits on governmental interference in private economic exchanges, it does not impose new regulatory burdens, revenue obligations, or operational requirements on the state. It also explicitly preserves the state’s authority to determine which forms of payment it will accept for taxes and other official transactions, ensuring no disruption to state financial administration.

Similarly, the measure is not anticipated to create fiscal implications for local governments. There are no mandates or compliance costs imposed on cities, counties, or other political subdivisions, and the amendment’s language does not affect existing local fiscal authority or operations.

In conclusion, HJR 175 carries a minimal fiscal impact limited to a one-time publication expense and is not expected to influence revenue, spending, or administrative obligations at the state or local level.

HJR 175 proposes a constitutional amendment to enshrine Texans’ right to own, hold, and use any mutually agreed-upon medium of exchange—such as cash, coin, bullion, digital currency, or privately issued scrip—in commercial and contractual transactions. This proposed amendment represents a direct response to growing public concern over the potential for governmental or financial institution overreach that could limit individuals' freedom to transact in alternative or emerging forms of currency. The resolution is grounded in a clear affirmation of individual economic freedom and a limited-government approach to monetary policy.

The resolution does not grant any additional regulatory authority nor does it create or alter criminal penalties. Instead, it sets a constitutional boundary against governmental interference in the choice of payment methods for private transactions, while carefully preserving the state’s discretion over which forms of payment it will accept in official capacities. This balance affirms property rights and commerce autonomy without undermining the administrative or fiscal functions of the state. Furthermore, the fiscal impact is negligible, limited to a one-time publication cost of $191,689.

Given the alignment of this measure with the principles of individual liberty, limited government, free enterprise, and private property rights—and its neutral fiscal implications—Texas Policy Research recommends that lawmakers vote YES on HJR 175. It embodies a forward-looking recognition of the evolving financial landscape while anchoring fundamental liberties in the state’s constitutional framework. Texas Policy Research recommends that lawmakers vote YES on HJR 175.

• Individual Liberty: The bill strengthens individual liberty by constitutionally protecting a person’s right to use the medium of exchange of their choosing—whether cash, coin, bullion, digital currency, or privately issued scrip. In doing so, it affirms financial autonomy and defends against future attempts by government entities to restrict lawful economic expression. This is particularly relevant as emerging technologies, such as cryptocurrencies, grow in popularity and face potential regulatory pressures.
• Personal Responsibility: By empowering individuals to choose how they transact, the bill also demands greater responsibility from citizens to make informed financial decisions. Whether selecting a volatile digital asset or a stable commodity, individuals are expected to understand risks and rewards. The amendment removes the paternalistic assumption that government must control or limit these decisions, and instead places trust in Texans to act in their own best interests.
• Free Enterprise: This measure expands the scope of voluntary commerce, ensuring that consenting parties can transact in whatever form of value they agree upon. That flexibility encourages innovation, entrepreneurship, and market-driven solutions. It also supports niche and local economic systems (e.g., community currencies or barter networks) that might otherwise face regulatory suppression.
• Private Property Rights: The bill safeguards the right to hold and use one's own financial assets—an essential form of property. By prohibiting government from restricting or encumbering any form or amount of money, it limits future asset seizures or de facto bans on certain currencies. This aligns closely with the principle that people should be secure in what they legally own and free to use it as they see fit.
• Limited Government: Finally, the resolution sets clear constitutional limits on governmental reach into private financial activity. It prevents both state and local governments from imposing barriers on what forms of currency individuals can possess or use in private transactions. At the same time, it preserves the state’s authority to decide what it accepts for official payments, maintaining fiscal order without expanding state power.

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