Tennessee: New Legislation Prevents Crypto Retirement Funds While Legalizing Blockchain

Tennessee: New Legislation Prevents Crypto Retirement Funds While Legalizing Blockchain

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Two identical laws have been put forward in Tennessee to prevent pension funds from investing in cryptocurrencies. According to the legislative website of the surveillance of Legiscan, two more that legalize the use of Blockchain for electronic transactions, also work through the House of Representatives and the Senate.

House Bill 2093, introduced January 30, 2018 Republican representative Michael Curcio, proposes to prohibit “the trustees of any particular contribution or plan for investment in any crypto-currency.”

Subsequently, another line was added, which specifies that the trustees “in spite of any law to the contrary.”

House Bill 2093 intends to move to the Subcommittee on Finance, Ways & Means Subcommittee   on March 14.

Senate Bill 2508, which has already passed the 10-0 vote in Finance, the Senator of the Ways and the funds of Bill Ketron on February 1, 2018. Senate Bill 2508 was recommended for transition to the Senate Committee on the calendar.

The text of the Senate, in addition to the bill, as well as plans for amending. Section 8, Chapter 27, Part 8, adding the following section:

“Nothing in this part of the ban on the local education agency can participate in any other investment.”

In combination with bills prohibiting the pension fund, crypto investment, two other bills with the legalization of the blockchain.

Tennessee House Bill 1507, submitted on January 10, 2018 by 12 democratic and republican representatives, seeks to “[recognize] the legal authority to use Blockchain technology and intellectual contracts for electronic transactions, with blockchain technology.”

Senate Bill 1662, which is again identical in the text to Bill Blockchain House, was held in the Senate on March 8 90-0. The Senate bipartisan bill was presented by Democratic senators Lee Harris and Jeff Yarbrough, along with two Republican senators Stephen Dickerson and Richard Briggs.

Cryptocurrency regulation attracted bipartisan movements in mid-February this year, for legislators on both sides of the line.

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