Tennessee to Accept Bitcoin as a Legal Form of Payment

Jim Powell, the representative of a Democratic party, introduced a bill that will officially recognize cryptocurrency as a legal form of payment for the state of Tennessee
07 February 2018   784

The bill will officially recognize cryptocurrency and smart contracts for electronic transactions. It will also protect ownership rights of information secured by the same methods.

Despite the fluctuations of cryptocurrency prices and the risk of speculations, Jim Powell believes in the blockchain technology. After the presentation on blockchain technology held on January 24 he said that the state of Tennessee supports this technology and wants to be a leader in this innovation.

According to Powell, business exchanges using the cryptocurrency are not illegal in Tennessee, but his measure would establish a law ensuring it stays that way.

It may seem unnecessary for a lawmaker to propose to recognize cryptocurrency as a legal form of payment in a single state. Each state also has its own financial regulations and laws, and approaches cryptocurrency differently. State and Federal law in the US often conflict over controversial issues and Powell is looking at future conflicts between state and federal rulings on the use and legality of cryptocurrency.   

SEC May Approve BTC ETF in 2019

This thought was told by Bill Barhydt, chief executive of bitcoin payment start-up Abra
05 September 2018   414

In an interview with CNBC, the head of Abra, Bill Barhydt, said that the SEC had not yet approved the bitcoin-ETF because the initiators of the launch of these funds "do not meet the expectations" of the agency.

I think the issue with the SEC, quite frankly, is that the people who are doing the applications don't fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I'm dressed you probably wouldn't know it. So I probably, unfortunately, couldn't go like I am here to a meeting at the SEC to say I'm applying for the ability to issue an ETF.

Bill Barhydt

CEO, Abra

According to Barhydt, the applicant must "look, smell and behave" as the SEC wants to approve the application. He also believes that the application for the launch of ETF from a reputable financial company will be approved rather than from a start-up.

He also expressed confidence that the first publicly cryptocurrency ETF will appear next year.

It's going to happen in the next year, I would actually make a bet on it. There is too much demand for it.

Bill Barhydt

CEO, Abra

In late August, the SEC rejected an application for the ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. At the same time, a similar fate awaited several applications for the launch of Bitcoin-ETF from Direxion and GraniteShares.