• Tennessee legislator introduces legislation in the House that would allow the state to invest in cryptocurrency, blockchain, and NFTs

  • The bitcoin industry’s acceptance has accelerated. It’s making its way into the mainstream, and numerous American politicians appear to be following suit. A Tennessee senator has introduced various bills that would allow the state’s jurisdictions to invest in the asset class in an effort to promote his state as a blockchain innovation powerhouse.

    By changing the current state code, Democratic State Representative Jason Powell proposes that bitcoin, non-financial tokens, and blockchain be added to the list of allowed investments for counties, states, and municipalities to make with extra cash. The House Finance, Ways, and Means Subcommittee is currently debating the bill.

    Tennessee House Law 2643 is another blockchain-related bill introduced by Powell. Its goal was to organize a research group to help the state become “the most forward-thinking and pro-business state for cryptocurrencies and blockchain, and to foster a positive economic climate for blockchain and cryptocurrency.”

    If passed, the bill would make it easier to nominate the state’s commissioner of commerce and insurance as the study committee’s chair, as well as individuals with experience with cryptocurrencies and federal securities regulations. The committee’s responsibilities would also include evaluating crypto data from across the country, according to the statement. In addition, research blockchain and NFT application cases, as well as current regulations. Also, how it can be changed to promote blockchain and cryptocurrency adoption in the state.

    Powell isn’t the first Tennessee politician to publicly promote the industry. Scott Conger, the mayor of Jackson, has already expressed his support. He has given state employees the option of turning their wages into cryptocurrencies, in addition to suggesting that taxes be paid in cryptocurrency.

    The trend of crypto payments is not exclusive to Tennessee, as several mayors have indicated interest in the same in the recent past. Last month, New York City’s new mayor, Eric Adams, made headlines when he received his first salary in cryptocurrency using Coinbase’s Direct Deposit, as well as launching the NYCCoin. Miami Mayor Francis Suarez followed suit and launched the MiamiCoin, a cryptocurrency whose profits he has promised to share with citizens via Bitcoin dividends.

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