Tennessee Bitcoin Reserve Bill Hits a Roadblock as US States Pursue State-Level Crypto Reserves

The Tennessee Bitcoin Reserve Bill, also known as HB1695, is facing delays in the House of Representatives. According to reports, the bill has been relegated to the back of the agenda, a move that contrasts with the progress being made by its Senate companion bill.

The bill's introduction was spearheaded by Representative Jody Barrett, who proposed allowing the state treasurer to allocate a portion of public funds into Bitcoin. Supporters argue that this plan could help diversify state reserves and increase long-term demand for digital assets.

Meanwhile, other US states are exploring similar proposals. At least 26 states have introduced or considered bills to establish or facilitate state-level Bitcoin reserves. Some of these initiatives aim to allow up to 10% of treasury funds to be invested in Bitcoin.