Tennessee Lawmakers Aim to Obstruct Retirement Funds from Cryptos

Last Tuesday Tennessee bureaucrats pushed forth a bill through the Tennessee Senate Ways and Means Committee that aims to obstruct government retirement funds from investing in digital assets like bitcoin. The bill has passed by a 10-0 vote and will move forward to the legislative chamber.

Two Bills Aim to Bar Government Retirement Funds from Investing in Cryptocurrency

Tennessee lawmakers are trying to remove cryptocurrency investments from public retirement funds. Currently, there are two bills in motion heading into the Senate’s full chamber, and the state’s House of Representatives — Both of which are nearly identical, asking the Senate and House members to consider barring digital assets from state-operated benefits. Last Tuesday’s bill was proposed by Senator Bill Ketron while the House bill was sponsored by Representative Michael Curcio.

The proposals aim to change the Tennessee code, and particularly how trustees can invest by amending “Title 8, Chapter 27, Part 8” and adding a new definition. The new guidelines would bar the state’s retirement agencies and trustees from partaking in investing in digital currencies. The code states:

Notwithstanding any law to the contrary, the trustees shall not invest in any cryptocurrency.

Tennessee’s Blockchain Bill of a Different Color

Essentially trustees are prohibited from any defined contribution plan or investment that can be tied to cryptocurrencies. This includes any related benefits and insurances. Curcio’s HB2093 is headed to the Ways and Means subcommittee on March 14 while Ketron’s SB2508 is recommended for passage to the Senate Calendar Committee.

The proposed legislation follows a Nashville lawmaker’s bill that legally recognizes blockchain transactions and digital signatures in a court of law alongside smart contracts. The democrat representative Jason Powell explains that “it is really important to say that Tennessee is supportive of this technology and we want to be a leader in this innovation.” Senator Ketron and Representative Curcio’s proposed laws show a different side of Tennessee allowing innovation to thrive.

What do you think about the Tennessee bills hoping to ban cryptocurrencies from state-run investment funds? Let us know in the comments below.

Images via Wiki Commons and Pixabay. 

Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com. 

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