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Tennessee representative introduces bill that would allow investment in cryptocurrencies

The representative for the Democratic Party of Tennessee in the USA, Jason Powell, introduced before the local House of Representatives a bill for the state and other surrounding municipalities to have full power to invest in Bitcoin, cryptocurrencies and digital collectibles (NFT).

The Bill would allow Tennessee to invest in cryptocurrencies, and is identified under number 2644, was appropriated to the Tennessee House of Representatives last February 2 and aims to authorize a county, municipality or state to invest in cryptocurrencies, including in turn products and services backed with Blockchain technology.

The initiative was assigned to the Finance, Ways and Means Subcommittee of the legislative institution yesterday, where it will now remain for analysis, consideration and debate among the members of the team.

According to information published by several media, the bill was also accompanied that same day by another one identified under number 2643, which proposed the creation of a Study Committee on Blockchain and Cryptocurrencies.

In this regard it reads:

“[The committee is intended] to help determine how to make Tennessee the most innovative and business-friendly state associated with cryptocurrencies and Blockchain…and foster a positive economic environment for these sectors.”

Regarding the appointed committee, it will meet at least once a month to do the respective analysis, and such meetings will be attended by the commissioner of commerce and insurance or his designee; the commissioner of financial institutions or his designee; a representative with cryptocurrency experience or expertise from an academic institution, appointed by the president; a representative from a financial institution, appointed by the speaker of the House of Representatives; and a representative with expertise in federal securities law, appointed by the speaker of the Senate.

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