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.