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   1047

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 to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   98

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.