Tennessee HB1695 establishes procedures for the state treasurer to invest in bitcoin, ensuring secure custody and reporting.
Tennessee HB1695 amends state law to allow the state treasurer to invest a portion of eligible state funds in bitcoin, subject to specific conditions. The bill mandates secure custody solutions for bitcoin, including encryption and multi-party authorization. It prohibits investing public funds in other cryptocurrencies. The treasurer must adopt procedures for key generation, storage, and incident response. Qualified custodians must undergo ongoing supervision and maintain insurance.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.