A bill has been introduced in Tennessee allowing the state and its counties to invest in crypto.
The legislation was the second related to crypto and blockchain introduced by Powell. The same day, heTennessee lawmakers to consider forming a study committee aimed at 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.
Among the proposed study committee’s duties would be to review data on crypto and blockchain across the United States, determine the status of laws applicable to the crypto space, study NFT use cases and regulations, open a dialogue with industry experts, and present recommendations on potential legislation to promote Tennessee as a blockchain and crypto hub. The group’s first report would be due by Dec. 31, 2022, with the law expected to take effect by July 1 if approved by lawmakers.
a bill which would direct the Tennessee Advisory Commission on Intergovernmental Relations to conduct a similar study on crypto and blockchain laws across U.S. states due at roughly the same time. In 2018, he introduced a bill which would have recognized the use of smart contracts in the state. Because of the 10th amendment of the U.S. Constitution, lawmakers in states and at the federal level often cross paths to determine which body governs certain aspects of business and trade. The result is what many industry experts have described as a patchwork of legislation which crypto firms must navigate to legally operate in the United States.
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