ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Sunday Jun 24th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Tennessee Bill Blocking Certain Crypto Investments Takes U-Turn On Way To Governor’s Desk

By

Jeff

Benson

WriterETHNews.com

A Tennessee bill that initially sought to restrict the state government’s post-employment funds from being invested in cryptocurrency was amended to remove any mention of cryptocurrency before being signed into law.

On Monday, Tennessee governor Bill Haslam signed into law a provision that allows local education agencies (i.e., school districts) to participate in "any other post-employment benefits investment trust" created as part of the Other Post-Employment Benefit Investment Trust Act of 2006.

Notably missing from the signed bill is any mention of cryptocurrency, despite the fact that the initial wording of the proposed bill would have modified the Tennessee State Code to prohibit trustees from investing government employees' retirement funds in cryptocurrencies.

Title 8, Chapter 27 of the Tennessee State Code stipulates that retirement contributions for government employees be held in a trust fund until the employee retires. The code allows the state's trustees, who manage the state pension fund, "to invest any funds of the trust in any instrument, obligation, security, or property that constitutes legal investments." As originally proposed, HB2093 would have added:

"(b) Notwithstanding any law to the contrary, the trustees shall not invest in any cryptocurrency."

However, after the bill was introduced in the Senate, Senator Bo Watson sponsored an amendment that deleted any mention of cryptocurrency and instead clarified local education agencies' role in investments. "We wanted to provide school districts with the flexibility they need when funding benefits for our retiring educators," explained a spokesperson for Senator Bill Ketron, who introduced the Senate version of the bill, SB2508. The amended bill passed the Senate unanimously, 32-0, on March 22 of this year. The bill then passed the House of Representatives on March 26 on a 96-1 vote.

Tennessee Representative Michael Curcio, who cosponsored HB2093, told ETHNews that "House Bill 2093 was originally filed as a caption bill just ahead of the February bill filing deadline. The bill's caption includes wording for cryptocurrency, but it was never intended to change Tennessee law related to it."

Caption bills are a peculiar part of Tennessee's legislative process. The state Constitution requires that each bill provide a short explanation, or caption, of the bill's purpose. As others have written, the idea is to curtail amendments that have little to do with the original bill. In the case of HB2093, the caption read: "An act to amend Tennessee Code Annotated, Title 8, relative to post-employment benefits." (The caption does not technically mention cryptocurrency; the body of the bill does.) That wording allowed legislators to propose any amendments specifically related to post-employment benefits, regardless of whether it stuck to the stated intent of the bill to curtail cryptocurrency investments.

Jeff Benson

Jeff Benson is Managing Editor of ETHNews. He's worked as a writer and editor everywhere from Sudan to Reno. He holds a bachelor's in politics from Willamette University and a master's in nationalism studies from University of Edinburgh. When he's not in the newsroom, he trots the globe and writes about it. He holds a bit of value in ETH.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest , or other Ethereum law and legislation news.