Tennessee Lawmakers To Weigh Strategic Bitcoin Reserve Bill
Tennessee lawmakers are considering a bill allowing the state to hold a limited portion of its public funds in Bitcoin.Summary
Tennessee House Bill 1695, the "Tennessee Strategic Bitcoin Reserve Act," filed by Rep. Jody Barrett, proposes allowing the State Treasurer to invest a limited share of select state funds, including the general fund, in Bitcoin to hedge against inflation. The bill caps Bitcoin exposure at 10% of any eligible fund at the time of purchase, with annual purchases limited to 5% of the fund's value until the cap is met. Investments are restricted solely to Bitcoin, which can be held directly, via a custodian, or through a Bitcoin-only exchange-traded product. The legislation mandates strict security standards, including offline, multi-location storage of private keys, annual third-party code reviews, and mandatory audit logs. Furthermore, the Treasurer must publish a public report every two years detailing holdings and providing cryptographic proof of on-chain balances. If approved, the act would take effect on July 1, 2026, following a performance and risk review scheduled for 2032.
(Source：Bitcoin Magazine)