Will Tennessee approve state investment in cryptocurrencies?

The crypto industry is constantly advancing, as evidenced by last week’s tennessee bill accepting cryptocurrencies as state legal tender. The bill was tabled by Tennessee lawmaker Jason Powell, and if the bill passes, it will be the first time a U.S. state has been able to buy cryptocurrencies or non-fungible token (NFTs). In addition, Powell proposed the creation of a study committee to make the state “the most prudent and entrepreneurial state for cryptocurrencies and blockchain and to promote a positive economic environment for blockchain and cryptocurrency.”

However, the mentioned bill will not do without obstacles. Crypto and digital assets as such exist in the so-called “gray zone” and the question remains whether the legislature can be accepted at the state level or falls under the jurisdiction of the federal government. However, several U.S. states have passed laws affecting the wider adoption of cryptocurrencies when, for example, in December last year, the Florida governor proposed a bill that would allow companies to pay cryptome fees. In any case, it will be interesting to see how this case turns out, as it could potentially pave the way for other states with similar goals.