Tennessee lawmaker moves House to allow state to invest in crypto, blockchain, NFTs

The adoption of the cryptocurrency industry has accelerated. It is flooding into the mainstream and several American politicians seem to be jumping onto the trend. In a bid to position his state as a blockchain innovation hub, a Tennessee lawmaker has proposed multiple bills that could allow the states’ jurisdictions to invest in the asset class.

Through the Tennessee House Bill 2644, Democratic State Representative Jason Powell has proposed that cryptocurrency, NFTs, and blockchain be added to the list of authorized investments for the counties, state, and municipalities to make with excess funds by amending the current state code. The bill is being deliberated upon by the House Finance, Ways, and Means Subcommittee.

Powell has introduced another blockchain-related bill, the Tennessee House Bill 2643. It aimed at forming a study committee that would help in making the state “the most forward-thinking and pro-business state for cryptocurrency and blockchain and to foster a positive economic environment for blockchain and cryptocurrency.”

If passed, this bill would facilitate the appointment of the state’s commissioner of commerce and insurance as the chair of the study committee, with members that have knowledge of cryptocurrencies and federal securities laws. It further noted that the duties of the committee would include reviewing crypto data from across the country. Also, studying blockchain and NFT use cases along with current legislation. Plus, how it can be amended to foster the growth of blockchain and cryptocurrencies in the state.

Powell isn’t the first leader from Tennessee who has openly voiced support for the sector. Jackson Mayor Scott Conger has also extended his support repeatedly in the past. Apart from proposing the payment of taxes through cryptocurrencies, he has also given state employees the option of converting their paychecks into cryptocurrencies.

Senator, I encourage you to join @MarshaBlackburn in financial innovation initiatives.
As the dollar plummets, there has to be a path forward, and #Bitcoin is that path. https://t.co/lDCx30owB3

— Mayor Scott Conger (@MayorConger) February 4, 2022

The trend of crypto paychecks is itself not limited to Tennessee, as multiple mayors in the recent past have expressed a desire for the same. New York City’s new mayor Eric Adams made headlines last month when he received his first salary in crypto via Coinbase’s Direct Deposit, while also creating the NYCCoin. Miami’s Mayor Francis Suarez also followed suit and created the MiamiCoin, whose profits he has promised to distribute with citizens through Bitcoin dividends.