Tennessee lawmaker introduces bill which would allow state to invest in crypto

Jason Powell, a subordinate of the Tennessee House of Representatives, has introduced a measure proposing counties, municipalities, and the authorities to put successful cryptocurrencies and nonfungible tokens, oregon NFTs. 

According to Tennessee House Bill 2644 introduced connected Feb. 2, Powell proposed amending the existent authorities codification to adhd crypto, blockchain, and NFTs to the database of authorized investments for the counties, state, and municipalities to marque with idle funds. Lawmakers assigned the measure to the House Finance, Ways, and Means Subcommittee connected Feb. 8 for further consideration.

The authorities was the 2nd related to crypto and blockchain introduced by Powell. The aforesaid day, helium asked Tennessee lawmakers to see forming a survey committee aimed astatine making the authorities “the astir guardant reasoning and pro-business authorities for cryptocurrency and blockchain and to foster a affirmative economical situation for blockchain and cryptocurrency.” Tennessee House Bill 2643, should it beryllium passed by the legislature, would name the state’s commissioner of commerce and insurance, presently Carter Lawrence, to seat the committee with members including a typical with “experience oregon cognition successful cryptocurrency” and different with cognition of national securities laws.

Among the projected survey committee’s duties would beryllium to reappraisal information connected crypto and blockchain crossed the United States, find the presumption of laws applicable to the crypto space, survey NFT usage cases and regulations, unfastened a dialog with manufacture experts, and contiguous recommendations connected imaginable authorities to beforehand Tennessee arsenic a blockchain and crypto hub. The group’s archetypal study would beryllium owed by Dec. 31, 2022, with the instrumentality expected to instrumentality effect by July 1 if approved by lawmakers.

Powell seemed to beryllium hedging his bets connected the aforementioned legislation, however, arsenic helium besides proposed a measure which would nonstop the Tennessee Advisory Commission connected Intergovernmental Relations to behaviour a akin survey connected crypto and blockchain laws crossed U.S. states owed astatine astir the aforesaid time. In 2018, helium introduced a measure which would person recognized the usage of astute contracts successful the state. 

Because of the 10th amendment of the U.S. Constitution, lawmakers successful states and astatine the national level often transverse paths to find which assemblage governs definite aspects of concern and trade. The effect is what galore manufacture experts person described arsenic a patchwork of authorities which crypto firms indispensable navigate to legally run successful the United States.

Related: US lawmaker pushes for state-level regulations connected stablecoins astatine proceeding connected integer assets

In 2021, galore section and authorities officials jumped connected the bandwagon to beforehand their areas arsenic having crypto-friendly regulations oregon different incentives for the space. In December, Florida Governor Ron DeSantis proposed the authorities authorities let businesses to wage fees with cryptocurrencies including Bitcoin (BTC), portion a measure signed by Kentucky Governor Andy Beshear successful March reduced the income taxation load of crypto miners operating successful the state.

Cointelegraph reached retired to Jason Powell, but did not person a effect astatine the clip of publication.