The Senate of Tennessee approved the Strategic Bitcoin Reserve Act in committee and referred it to the Finance, Ways and Means Committee, advancing a proposal that would authorize the state treasurer to allocate up to 10% of the General Fund and the Revenue Fluctuation Reserve to the purchase of Bitcoin.
Acquisitions would be gradual, with an annual cap of 5% of the fiscal budget until reaching the maximum limit, avoiding concentrated purchases and spreading acquisitions across several budget cycles.
The proposal focuses exclusively on Bitcoin, explicitly excluding any other crypto asset, in line with a legislative approach that distinguishes BTC as its own category — a distinction also visible in federal initiatives such as the CLARITY Act and in similar legislation across other states.
Custody requirements are strict: the state must use solutions with multi-party authorization and geographically distributed cold storage with no network connectivity. The bill also contemplates the option for taxpayers to voluntarily pay state taxes and fees in Bitcoin, an element aimed at normalizing its use within the governmental sphere.
If the bill clears the committee, passes the legislature, and receives the governor’s signature, it would take effect on July 1, 2026. Tennessee thus joins Texas, Missouri, and West Virginia.
Source: https://wapp.capitol.tn.gov/apps/Billinfo/Default?BillNumber=SB2639&ga=114
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions
