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    Home » Tennessee introduced a bill to allow investments in bitcoin, cryptocurrencies, and NFTs

    Tennessee introduced a bill to allow investments in bitcoin, cryptocurrencies, and NFTs

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    By subhasish on February 10, 2022 News, Regulation News
    Tennessee introduced a bill to allow investments in bitcoin, cryptocurrencies, and NFTs.
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    Two new bills have just been introduced in Tennessee’s legislature to allow the state and other municipalities to invest in cryptocurrency and non-fungible tokens (NFTs) as well as forming a committee aimed at studying crypto and blockchain.

    Lawmakers have been actively submitting crypto-related proposals to kickstart 2022. Recently, Senator Wendy Rogers from Arizona introduced a bill proposing to make bitcoin a authorized tender within the state. If enacted, the bill would allow residents to pay money owed, public fees, taxes, and dues with bitcoin and set up the digital foreign money as a lawful medium of change in Arizona.

    The New Bill

    Tennessee introduced a bill to allow investments in bitcoin, cryptocurrencies, and NFTs.

    In the latest development, Democrat Representative Jason Powel has introduced two new bills that aims to allow The State of Tennessee to invest in cryptocurrencies and NFTs along with setting up a study committee to understand how Tennessee could become one of the top destination for crypto related businesses.

    According to Tennessee House Bill 2644 – it proposes to amend the current state code to add crypto, blockchain, and NFTs to the list of authorized investments for the counties, state, and municipalities to make with idle funds. The bill has already been forwarded to the House Finance, Ways, and Means Subcommittee for further consideration.

    Powell has also proposed a separate bill, if approved, would create a study commission focused on cryptocurrency and blockchain.  According to the Tennessee House Bill 2643 – The study committee’s duties would be to review data on crypto and blockchain across the United States, determine the status of laws applicable to the crypto space, study NFT use cases and regulations to promote Tennessee as a blockchain and crypto hub. The group’s first report would be due by Dec. 31, 2022. The report states,

    “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,” 

    Crypto Rules In The US Are Still Unclear

    Tennessee introduced a bill to allow investments in bitcoin, cryptocurrencies, and NFTs.

    The United States still lacks clear official rules for the asset class. even though it has one of the largest numbers of crypto investors, exchanges, trading platforms, mining companies, and investment funds in the world. The Securities and Exchange Commission (SEC) the most powerful regulator views cryptocurrencies as securities, while the Commodity Futures Trading Commission calls Bitcoin a commodity, and the US Treasury calls it a currency. The Internal Revenue Service, meanwhile, defines cryptocurrencies as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.

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    Subhasish Barua is a full-time writer at Blockchain Journal. A post-graduate in Marketing and HR, he joined the cryptocurrency space in 2018 and is an fervent believer of financial freedom.

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