Tennessee Introduces Legislation To Invest In Bitcoin and Possibly Other Cryptocurrencies

Today Bitcoin and other Cryptocurrencies became even more mainstream as a bill introduced into the Tennesse state assembly was introduced on the floor which would allow state and local municipalities to invest in Bitcoin. There was a second bill introduced as well that seeks to establish a working group to find out how Tennessee could become the nation’s top state for Bitcoin and Crypto businesses. Both of these bills were introduced by State Rep. Jason Powell.

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The first bill Tennessee House Bill 2644,  states “as introduced, authorizes a county, municipality, or the state to invest in cryptocurrency, blockchains, and non-fungible tokens,” according to the bill summary.

The second bill Tennessee House Bill 2643 contains the following language“to help determine how to make [Tennessee] the most forward-thinking and pro-business state for cryptocurrency and blockchain and to foster a positive economic environment for blockchain and cryptocurrency,”

According to the legislation, the committee should meet twice a month but at least once every 30 days. The committee would be comprised of the commissioner of commerce, the commissioner of financial institutions, a representative with knowledge of Crypto Currencies from an academic institution, one representative from a financial institution chosen by the speaker of the house, and one rep with experience in the SEC.

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For all cryptocurrencies, this is news that shows the scale of using crypto in the future. The main coins that are being studied are those in the top 20. This list includes Bitcoin, Ethereum, Doge Coin, Shiba Inu, and others. This will bring real-world utility to the states that incorporate these crypto currencies.