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Bill introduced to let Tennessee buy Bitcoin

In Tennessee, a bill has been introduced to allow the state and municipalities to invest in bitcoin. Another bill filed on the same day aims to create a working group to explore how Tennessee could become the country’s top destination for Bitcoin businesses. State Representative Jason Powell introduced both bills. Democrat Representative Jason Powell has introduced a draft bill to allow the state of Tennessee and other municipalities to invest in bitcoin, cryptocurrencies and NFTs. Tennessee House Bill 2644, “as introduced, authorizes a county, municipality or the state to invest in cryptocurrency, blockchains and non-replaceable tokens,” said the bill’s summary. The bill was filed on Feb. 2 and assigned Tuesday to the House Finance, Ways and Means Subcommittee, where it stands for further consideration by committee representatives. Powell also introduced Tennessee House Bill 2643 the same day to create a blockchain and cryptocurrency study committee “to help determine how” [Tennessee] the most progressive and pro-business stands for cryptocurrency and blockchain and to promote a positive economic environment for blockchain and cryptocurrency,” the bill reads. The proposed committee would meet at least once a month and be composed of the Commissioner of Trade and Insurance or their authorized representative; the statutory auditor of financial institutions or their authorized representative; one representative with experience or knowledge in the field of cryptocurrency, from an academic institution, designated by the chair; a representative of a financial institution, appointed by the chairman of the House of Representatives; and a representative with experience in federal securities laws, designated by the Senate President. House Bill 2643 was assigned to the Business and Utilities Subcommittee on Tuesday for further consideration. Lawmakers have been actively submitting Bitcoin-related proposals to kickstart 2022. On October 28, Arizona Senator Wendy Rogers introduced a bill proposing to make bitcoin legal tender in the state. If passed, the bill would allow citizens to pay debts, public charges, taxes and dues with bitcoin and establish the digital currency as a legal medium of exchange in Arizona.
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