Jason Powell, a member of the Tennessee House of Representatives, has introduced a bill proposing counties, municipalities, and the state to invest in cryptocurrencies and nonfungible tokens, or NFTs.

According to Tennessee House Bill 2644 introduced on Feb. 2, Powell proposed amending the current state code to add crypto, blockchain, and NFTs to the list of authorized investments for the counties, state, and municipalities to make with idle funds. Lawmakers assigned the bill to the House Finance, Ways, and Means Subcommittee on Feb. 8 for further consideration.

The legislation was the second related to crypto and blockchain introduced by Powell. The same day, he asked Tennessee 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.” Tennessee House Bill 2643, should it be passed by the legislature, would appoint the state’s commissioner of commerce and insurance, currently Carter Lawrence, to chair the committee with members including a representative with “experience or knowledge in cryptocurrency” and another with knowledge of federal securities laws.

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.

Powell