Tennessee Lawmaker Proposes Legislation to Allow the State to Invest in Cryptocurrencies

If a member of the Tennessee House of Representatives gets his way, the state that’s home to Elvis Presley’s Graceland and the Grand Ole Opry can invest in cryptocurrencies and non-fungible tokens (NFTs).

Jason Powell, a Nashville Democrat, has introduced a measure that would allow a Tennessee county, municipality, or the state to invest in crypto assets, according to Tennessee House Bill 2644.

If lawmakers approve it, NFTs would be added to the list of authorized investments for the counties, state and municipalities to make with untapped funds.

At the same time, Powell introduced a Tennessee House Bill 2643 to establish a blockchain and cryptocurrency study committee to help determine how to make Tennessee the most forward thinking and pro-business state for cryptocurrency and blockchain and to foster a positive economic environment for blockchain and cryptocurrency, according to the legislation.

If enacted, the proposed panel would review crypto and blockchain data in the United States and determine the status of laws applicable to the crypto sector, study NFT use cases and regulations, start a conversation with industry experts and make recommendations on potential legislation to promote Tennessee as a blockchain and crypto hub.

In January, New York City Mayor Eric Adams announced that his first paycheck will be automatically converted into cryptocurrency. The salary will be converted to ethereum and bitcoin.

Also last month, a bill proposed by a state senator in Arizona would make bitcoin legal tender there. But some were skeptical, given the U.S. Constitution doesn’t let states make their own legal tender.

See also: Today In Crypto: Arizona Senator Seeks to Make Bitcoin Legal Tender in State

In December, Florida Gov. Ron DeSantis said he wants to allow businesses to pay state fees with cryptocurrencies.

Read more: Crypto at the Point of Sale: Bitcoin Versus Stablecoins