State legislator Jason Powell has proposed a bill that could allow different levels of government to invest in digital assets, like non-fungible tokens NFTs and cryptocurrencies, with certain types of funds.
If legislators give their approval, NFTs will be added to the list of permissible investments that counties, states, and municipalities may undertake using untapped funds to which they have access. Bill was referred to House Finance, Ways and Means Subcommittee for further consideration on February 8th by members of the House of Representatives.
A research group on cryptocurrencies and blockchain might help Tennessee become “the most forward-thinking and pro-business state for cryptocurrencies and blockchain and to generate a good economic climate,” according to Powell’s proposal on the same day.
HB 2643 would designate Carter Lawrence, the state’s commissioner of commerce and insurance, as the committee’s chair if it becomes law. A member with “experience or understanding in cryptocurrencies” and another with competence in federal securities regulations would be included in the committee.
“This is an issue that I’ve been interested in working on for the last four years,” said Powell. “I think that we’ve come a long way, and [want to] make sure that Tennessee stays ahead of the curve.”
It would be a big step forward for the Bitcoin industry if this law were to be put into law. Teachers, police, correctional officers, highway and maintenance, state parks management, all elected officials, and all state college systems manage hundreds of billions of dollars in pension funds for each of their respective union state workers. If other states do the same, they might allow some of their pension funds to be invested in the same way.
In 2021, a lot of local and state officials wanted to show off how crypto-friendly their areas were. They wanted to show off hos. These pension funds are managed by pension funds forw crypto-friendly their areas were. In December, Florida Governor Ron DeSantis said that businesses should be able to pay fees with cryptocurrencies. In March, Kentucky Governor Andy Beshear signed a bill that cut the sales tax burden on crypto miners who live in the state.