Jason Powell, a Tennessee House of Representatives member, introduced two bills on February 2. He proposes that the state should invest in cryptocurrencies and NFTs, and form a committee that would study the blockchain ecosystem. The Tennessee House Bill 2644 seeks to amend the current state code to make an addition of cryptocurrency, NFTs, and blockchain to the authorized investments lists for counties, municipalities, and the state at large. The bill is now under the consideration of the House Finance, Ways, and Means Subcommittee since February 8.
The representative in Nashville wishes to make the city and the state a leading player in the field of blockchain technology. He feels it’s important to initiate legislative measures to create a pro-crypto and pro-blockchain environment. The bill should be passed by the Tennessee lawmakers and Carter Lawrence, the commissioner of commerce and insurance of the state, would be appointed as the chairman of the committee. The new committee would include a representative who has in-depth knowledge and experience in cryptocurrency and another representative who’s familiar with federal laws.
A caption was also proposed by Powell. This bill would direct the government agency, Tennessee Advisory Commission on Intergovernmental Relations (TACIR), to conduct a study on cryptocurrency and laws pertaining to blockchain technology. It would fortify the campaign finance laws of the state to foster advancements in the blockchain ecosystem. In 2018, Powell introduced legislation that began smart contracts in Tennessee. By taking proactive measures himself, he wishes to make his state lucrative to innovators.