Tennessee State Representative Jason Powell (D-Nashville) introduced a bill that would allow the state of Tennessee and other municipalities to invest in bitcoin, cryptocurrencies, and NFTs.
The bill, HB2644/SB2882, would “authorize a county, municipality, or the state to invest in cryptocurrency, blockchains, and non-fungible tokens.”
The bill text defines blockchain as a “decentralized data system in which the data stored is mathematically verifiable, that uses distributed ledger technology or databases to store specialized data in the permanent order of transactions recorded.” Cryptocurrency, as defined in the bill text, is “virtual currency that utilizes cryptography to validate and secure transactions that are digitally recorded through distributed ledger technology.” NFTs, also known as non-fungible tokens, are defined in the bill as “a non-fungible cryptographic asset on a blockchain, which possesses unique identifiers or other metadata that distinguishes the asset from another token or asset in a manner that makes the asset irreplaceable and non-exchangeable for a similar token or asset.”
Powell also introduced bill HB2643/SB2855 that would “establish a blockchain and cryptocurrency study committee” in order 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 bill text.
According to the bill, the proposed committee would meet at least once a month and be composed of the commissioner of commerce and insurance or their designee; the commissioner of financial institutions or their designee; one representative with experience or knowledge in cryptocurrency, from an academic institution, designated by the chair; one representative from a financial institution, assigned by the Speaker of the House of Representatives; and one representative with experience in federal securities laws, designated by the Speaker of the Senate.
Both bills were introduced on February 2nd and assigned to the House Finance, Ways, and Means Subcommittee on Tuesday, where they stand for further consideration by committee representatives.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network. Email tips to [email protected]
Photo “Jason Powell” by Rep. Jason Powell. Background Photo “Bitcoin” by QuinceCreative.
Stupid idea.