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  • A bill was introduced in Tennessee to allow the state and municipalities to invest in bitcoin.
  • Another bill introduced the same day seeks to establish a working group to study how Tennessee could become the nation’s top destination for Bitcoin businesses.
  • State Representative Jason Powell introduced both bills.

Democrat Representative Jason Powell introduced a draft bill to allow the state of Tennessee and other municipalities to invest in bitcoin, cryptocurrencies, and NFTs.

Tennessee House Bill 2644, “as introduced, authorizes a county, municipality, or the state to invest in cryptocurrency, blockchains, and non-fungible tokens,” according to the bill summary.

The bill was introduced on February 2 and assigned to the House Finance, Ways, and Means Subcommittee on Tuesday, where it stands for further consideration by committee representatives.

Powell also introduced Tennessee House Bill 2643 on the same day 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,” per the bill text.

The proposed committee would meet at least once a month and be composed of the commissioner of commerce and insurance or their designee; the commissioner of financial institutions or their designee; one representative with experience or knowledge in cryptocurrency, from an academic institution, designated by the chair; one representative from a financial institution, assigned by the speaker of the house of representatives; and one representative with experience in federal securities laws, designated by the speaker of the senate.

House Bill 2643 was assigned to the Business and Utilities Subcommittee on Tuesday for further consideration.

Lawmakers have been actively submitting Bitcoin-related proposals to kickstart 2022. On January 28, Senator Wendy Rogers from Arizona introduced a bill proposing to make bitcoin a legal tender in the state. If enacted, the bill would enable citizens to pay debts, public charges, taxes, and dues with bitcoin and establish the digital currency as a lawful medium of exchange in Arizona.