Tennessee Legislature passes Bitcoin Donation Bill

Tennessee legislature has passed the Tennessee House Bill 701 thereby allowing political donations denominated in bitcoin. It was approved with a 61-28 vote on 20th April in the House of Representatives, as reported by the Chattanooga Times Free Press. SB 674, the Senate version of the bill, was passed last month.

The law, when proposed in February, aimed at enshrining in state law a decision made in 2014 by the US Federal Election Commission (FEC) to allow bitcoin donations. It set an annual limit of USD100 along with reporting requirements for those who make such donations.

Since then, several state and national level politicians, including Kentucky Senator and Republican presidential candidate Rand Paul, have accepting donations in the cryptocurrency.

Tennessee Governor Bill Haslam's will now consider the bill for approval.