Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Tennessee Lawmaker Introduces Bill that Could Allow the State to Invest in NFTs and Crypto

Published Feb 10, 2022 04:00AM ET Updated Feb 10, 2022 04:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Tennessee Lawmaker Introduces Bill that Could Allow the State to Invest in NFTs and Crypto

Member of the Tennessee state legislature, Jason Powell, introduced a bill that could authorize various levels of the local and state governments to invest certain types of funds into digital assets such as non-fungible tokens (NFTs) and cryptocurrencies.

If approved and signed into law, not only would the legislation allow those types of investments at the state level, but lower municipalities that include counties, cities, towns, villages, and hamlets would have the opportunity to invest some types of surplus funds within the blockchain-based environment.

According to LegiScan, House Bill 2644, was officially submitted for legislative consideration last Wednesday, February 2. The published summary of the proposal on the website states that it “authorizes a county, municipality, or the state to invest in cryptocurrency, blockchains, and non-fungible tokens.” It does so by proposing to amend parts of state law pertaining to permissible investments and, in the case of counties, the allowed use of surplus or “idle funds.”

This would be a significant development for the cryptocurrency space if it becomes law. States manage hundreds of billions of dollars in pension funds for the respective unions of various state workers including: teachers, police and law enforcement, judiciary, corrections officers, highway and maintenance, state parks management, all elected officials, the state college systems and more. It might pave the way for other states to allow similar investments for a portion of their respective pension funds.

Such moves would spike the prices of established, proven crypto projects which are the types of investments that state finance directors and comptrollers look for to fulfill their fiduciary responsibilities to the past and present state employees.

Per LegiScan, the measure has been referred to a subcommittee within the House Finance, Ways, and Means Committee for consideration. It is not clear if there is a lot or a little support for this particular bill. State Rep. Powell has also introduced a separate measure that, if approved, would create a study commission focused on cryptocurrency and blockchain.

Last month a similar legislative effort was initiated in Arizona to declare bitcoin as legal tender, although that particular effort is unlikely to succeed given the US Constitution’s provisions on legal tender. Regardless, as more and more states recognize the significant opportunity that cryptocurrency presents, the greater the certainty and speed of mass adoption for this technology.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Tennessee Lawmaker Introduces Bill that Could Allow the State to Invest in NFTs and Crypto
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email