A bill filed by Jason Powell, a member of the Tennessee House of Representatives, proposes that counties, municipalities, and the state invest in cryptocurrencies and NFTs.
Powell suggested amending the current state structure for the addition of crypto, blockchain technology, and NFTs to the list of allowed investments for counties, states, and municipalities to use idle funds, according to Tennessee House Bill 2644, which was introduced on February 2.
On February 8, lawmakers referred the bill to the House Finance, Ways, and Means Subcommittee for further review.
A study committee to make Tennessee the blockchain and crypto hub
On the same day, Powell also requested Tennessee lawmakers to consider establishing a study committee with the goal to make the state “the most forward-thinking and pro-business state for cryptocurrencies and blockchain, and to build a positive economic environment.”
In case Tennessee House Bill 2643 passes, it would assign Carter Lawrence, the state’s commissioner of commerce and insurance, to lead the committee. The committee would also include a representative with “experience or knowledge in cryptocurrency” and another with expertise in federal securities laws.
The primary responsibilities of the proposed study committee would be reviewing data on crypto and blockchain across the United States, determining the status of laws that apply to the crypto space, studying NFT use cases and regulatory requirements, engaging in a dialogue with experts in the field, and presenting recommendations on possible regulations to promote Tennessee as a blockchain and crypto hub.
The group’s first report is due by December 31, 2022, with the law taking effect on July 1, assuming lawmakers accept it.
After major Bitcoin adoption by Central American country El Salvador, many states in the nation are encouraged to try their hands on cryptocurrencies. Recently, the City Council in Philadelphia stated that it is ready for CityCoins.
The Brazilian City Rio de Janeiro is also all set to invest 1% of the City’s funds in Bitcoin this new year.