Lawmaker submits proposal to allow states invest in crypto

TL; DR Breakdown

• Tennesse Lawmaker wants states to invest in crypto
• States can invest with idle funds
• Lawmaker proposes a committee to study crypto

The adoption of digital assets has continued to grow worldwide, with governments now looking for ways to regulate it. Although some are still opposed to what they stand for, others embrace it with open arms. Some individuals still go as far as pushing for crypto investment among states and countries. One such is Tennessee lawmaker Jason Powell. According to the latest report, Powell has proposed a draft bill that will allow all states and counties to dip their hands in digital assets using idle funds.

The proposal says states can use idle funds

Going by the recent proposal from the lawmaker, Tennessee will need to make some slight adjustments to House Bill 2644 to include crypto and all some elements in the sector. In the proposal, Powell insisted that the state could make the law binding, which would make it legal to the arms across the state to deal in digital assets using idle funds.

However, the bill has been sent over to be reviewed by a Subcommittee. Also, the bill was the second bill proposed by the lawmaker at the sitting. A careful look at details showed that he proposed a committee of lawmakers to look into a study of digital assets. Besides wanting a stable environment for digital assets in the state, Powell wants the state to be ahead business-wise.

Lawmaker proposes a group to look into crypto

If the bill successfully scales review and gets passed, a committee, with Cater Lawrence, a commissioner heading it will be formed. However, the committee members will consist of individuals who are vastly knowledgeable in digital assets and securities law on the federal level. One of the few things that the group will tackle involves reviewing various crypto data across the country, making Tennessee one of the biggest crypto hubs in the country.

Also, they would be tasked with holding discussions with experts on key topics as well as looking into NFTs and how they can make use of them. Many U.S lawmakers and officials promoted the crypto space across their states. This was due to the space’s attention during this period. One such promotion was the proposition for firms to pay their obligatory fees in Bitcoin by the Governor of Florida, Ron DeSantis.