One of Tennessee’s lawmakers, Jason Powell, has sponsored a bill that allows the state government to invest in crypto, including the burgeoning NFT sector. The bill, known as house bill 2644, would make it legally binding for any county, municipality, or state to invest in blockchain technology, digital currencies, and NFTs.
Key Highlights From The Proposed Bill
This proposed bill contains an amendment of some sections of the authorized investment bill. It will also enable counties to invest in cryptos and blockchain technology using unused state funds. A Legiscan report revealed that the appropriate committee (the finance and means committee) is already assessing the proposal and would release the outcome of its assessment soon.
Powell also proposed a new bill with a study committee to make Tennessee the most attractive space for crypto and blockchain firms. The state legislature is yet to confirm whether it will approve this bill. However, if the legislature approves it, Tennessee will join the growing number of American states having direct investment in blockchain technology and cryptocurrencies such as BTC and ETH.
El Salvador was the first nation to make BTC a legal tender. But it also has direct investment exposure in the leading cryptocurrency despite the disapproval from global financial regulators such as the IMF.
The Crypto Landscape In The United States
As Tennessee gears up to enable legal BTC purchase by the state authorities, other states have already made such moves. For instance, Arizona’s proposed bill makes BTC a legal tender in the state the same way as El Salvador.
However, the bill may not be adopted as proposed because it will be subject to the provisions of the federal laws, which don’t allow such adoption yet. Also, Miami and New York mayors have shown their willingness to turn their respective states into a crypto hub by accepting their stipends in BTC.
As of this writing, crypto miners are flooding Texas because of its abundance and cheap energy supply. Thus, it is not a surprise that Riot blockchain (the largest crypto mining data center globally) is located in Texas. Also, some Texas senators are showing their embracement for the crypto industry by investing in it. Recently, it was widely reported that Ted Cruz (one of Texas’s senators) is buying the BTC dip to increase his BTC holdings.
New York Billionaire Wants Crypto Legalization For All New Yorkers
Furthermore, Bill Ackman (one of the wealthiest people in New York) has suggested that New York authorities adopt a bill that enables anyone to invest in digital assets legally. Ackman made the plea following a complaint from a New York resident on Twitter that he could not open an account with a crypto exchange because of his residential address.
Ackman said, “it makes no sense to lose New Yorkers for something that is already adopted for a select few. Removing all barriers creates opportunities for growth and development for our state.” There are also states proposing that residents pay their taxes and perform specified payment settlements in crypto.