Tennessee State Rep. Tables Blockchain Bill to Create a Thriving Financial Services Sector
- A state rep from Tennessee, Dennis Powers, recently introduced a new bill pushing its legislature to consider the study of blockchain tech in detail.
- The bill requests the Department of Financial Institutions in Tennessee to look into blockchain’s intricacies and its probable applications in modern industries.
- This will in turn inform the state’s authorities on a regulatory path that will allow blockchain-based tech to thrive.
According to the bill, blockchain’s underlying potential can only be realized with clear guidelines on regulation. Given the uncertainties in the past, this bill would change blockchain tech dynamics in Tennessee if it goes through.
Blockchain’s Cutting Edge
The bill outlines some of blockchain’s advantages as part of its pitch. Most notably is the technology’s distributed ledger role that allows network participants to operate from a common reference frame. This basically means that financial operations can be recorded on the chain and accessed by the network’s hosts on both ends real-time. In addition, an immutable proof of history would revolutionize today's approach to financial markets data.
Apart from a record proof, this bill suggested that blockchain can play a significant role in cybersecurity as the world becomes more interconnected. It also highlighted blockchain’s ongoing function as a fundamental layer in cross-border transactions. Given these opportunities, the bill reads;
“An in-depth study of blockchain and related technology needs to occur so that the Tennessee General Assembly can fully understand these technologies in order to reduce any existing statutory or regulatory impediments to their application for the benefit of the citizens of this State.”
A report submission deadline by the Tennessee department of financial institutions to the state’s legislature has since been set for January 31, 2021. Other states that have pushed for regulation in crypto include Arizona where one congressman proposed crypto asset classification for oversight.