State Consultant Dennis Powers launched a brand new invoice into Tennessee’s state legislature on March three spurring the research of blockchain
State Consultant Dennis Powers launched a brand new invoice into Tennessee’s state legislature on March three spurring the research of blockchain know-how.
The bill asks the Tennessee Division of Monetary Establishments to dive into analysis on blockchain and purposes for “associated know-how” in finance and suggest adjustments to any rules standing in the way in which of the know-how’s progress.
The invoice lists blockchain’s benefits
The doc describes blockchain as a ledger able to documenting monetary actions, housed at a number of totally different factors, with every motion submitted to all ledger areas for accuracy. In brief — a distributed on-line ledger, every with a replica of all transactions and housed by quite a few events as an alternative of a single entity.
The invoice notes blockchain tech as a proposed cybersecurity resolution, pointing towards financial institution and different monetary usages presently at play, resulting in elevated safety and effectivity. The textual content mentions present use instances corresponding to cross-border funds, asset settlements and id verification, amongst others.
The motion seeks readability for development of the know-how
The proposed invoice goals to enhance understanding of the brand new know-how and its utility to ease the street to adoption. The invoice reads.
“An in-depth research of blockchain and associated know-how must happen in order that the Tennessee Basic Meeting can totally perceive these applied sciences with the intention to scale back any present statutory or regulatory impediments to their utility for the advantage of the residents of this State.”
The movement states the research ought to contain blockchain’s utility for capital markets, funding administration, funds, banking, lending and commerce finance, in addition to others. The textual content additionally urges research of present guidelines in Tennessee and a compilation of proposed adjustments transferring ahead.
“The Tennessee Division of Monetary Establishments shall report its findings, in a written report and a dwell presentation, to the Commerce Committee of the Home of Representatives and the Commerce and Labor Committee of the Senate by January 31, 2021,” the doc provides.
Cointelegraph reached out to Consultant Powers for extra particulars however acquired no response as of press time. This text can be up to date accordingly ought to a response are available.
Different invoice pushing extra work with blockchain on the state stage have been proposed in current months. A movement from an Arizona congressman launched on the finish of 2019, aiming for regulation based mostly on crypto asset sort.