A bill submitted by Democrat Jason Powell, the representative of the state of Tennessee, will allow institutions in the state to invest in cryptocurrencies and non-fungiable tokens (NFTs). cryptocoin.com We are giving the details of the subject…
Jason Powell submits cryptocurrency bill to parliament
Regulations for cryptocurrencies in the USA have been on the agenda for a while. Most officials’ concerns are stablecoins pegged at a 1:1 ratio to the US dollar or any other currency. But today, regardless of these, came a step from Jason Powell that could make it easier to invest in cryptocurrencies. Powell underlined the importance of state legislators to act quickly to ensure Tennessee does not fall behind in the crypto tech boom, presenting a bill to the local legislature.
The official also states that he represents Nashville, which he describes as a dynamic and growing city, so he “wanted to make sure a positive environment was fostered for all things tech-related” in the city. He also says that he has great faith in Blockchain technology. Tennessee already seems to be a humble tech hub for crypto companies and investors. In particular, Jackson mayor Scott Conger stood out for his support of the cryptocurrency, promising to create a system that would allow city workers to receive a portion of their salary in Bitcoin.
Crypto laws could pave the way for ecosystem
Powell said that friendlier crypto laws would encourage more companies to open in Tennessee. He says he’s optimistic about this because he thinks the state’s regulators want Tennessee to stay ahead. Powell also explains his effort to create a professional environment that will foster companies that want to be part of the ecosystem. Powell spoke about the prospects for the bill, noting that it helped pass bipartisan legislation on Blockchain in 2018.
Powell said about crypto in general, “It’s something that a lot of people – many of my colleagues – don’t understand. But at the end of the day, this is something I will continue to talk about.” He says he hopes the law will pass, but if it doesn’t, he will continue to talk about it. “We will continue to enforce laws to promote blockchain technology in the state of Tennessee,” he says.
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