Image Credit: Canva
The Tennessee Conservative [By Kelly M. Jackson] –
In last year’s general session, a bill was passed that changes the definition of money, and what kinds would be able to be used in the state of Tennessee without the necessity of currency exchange.
Specifically, the bill legally redefined what the law currently recognizes as “money” in the state of Tennessee. It set up the ability of a foreign governmental entity to have opportunity to produce, house, and exchange a currency that is not currently recognized by banks that are owned and operated here in Tennessee.
In short, a new, Global Currency.
SB0268, or The Money Modernization Act, created a legal space for a totally new currency that would be created through the cooperation of two or more governments, given a value and recognition by those governments as a legitimate monetary unit, with no need for exchange because it would work exactly like our US Dollars.
Now, in this 2024 session of the Tennessee General Assembly, an additional bill has been offered that will adopt 2022 Uniform Commercial Code (UCC) Amendments, which produce regulations for digital currencies, and introduce into the TCA code the concept of “controllable electronic records”.
The Uniform Law Commission is monitoring which states are considering, and passing these bills, and pushing them until they have a presence in all 50 states.
Only 11 states have so far adopted these types of amendments. Absent from the list are states that we are all familiar with that have led the way in opposing federal government overreach.
States like Florida, Texas and South Dakota – where Governor Kristi Noem just last year vetoed a bill very much like this one and the once that passed into law last year here in Tennessee. These states are not even considering an adoption of these Amendments.
Tennessee House Bill 0640 (HB0640) / Senate Bill 0479 (SB0479) states, “Uniform Commercial Code – As introduced, incorporates into the Uniform Commercial Code the amendments adopted by the Uniform Law Commission in 2022. – Amends TCA Title 47.”
The bill is being carried by Representative Rush Bricken (R-Tullahoma-District 47), and State Senator John Stevens (R-Huntington-District 24).
While many will argue that this is only an additional way to create a conduit for different kinds of financial transactions, including those that include cyber currencies, many critics of the legislation warn that this will make Tennessee vulnerable to at some point being forced to participate in a Central Bank Digital Currency, or more widely known as a CBDC.
The adoption of these types of UCC amendments do not by themselves create a “digital currency”.
They do, however, add another stone to the path that naturally would lead to an integration and regular use of these types of currency in the state of Tennessee.
Gary Humble, Executive Director of local grassroots organization Tennessee Stands, did a deep dive into the implications of the bill, which can be seen here.
Humble’s primary concern is that because of such an uncertain future when it comes to this issue of cyber and digital currencies, and the implication therein, Tennessee should not be in any hurry to adopt policies that could result in a substantial power grab by a future centralized government authority.
SB0479 is set for hearing on 2/6 before the Senate Commerce and Labor Committee, and HB0640 is set to be heard in front of the Business and Utilities Subcommittee on 2/13.
If you are interested in reaching out to your state representative to express your opinion about the consideration of this bill you can locate your representative and their contact information, through this locator tool.
About the Author: Kelly Jackson is a recent escapee from corporate America, and a California refugee to Tennessee. Christ follower, Wife and Mom of three amazing teenagers. She has a BA in Comm from Point Loma Nazarene University, and has a background in law enforcement and human resources. Since the summer of 2020, she has spent any and all free time in the trenches with local grassroots orgs, including Mom’s for Liberty Williamson County and Tennessee Stands as a core member. Outspoken advocate for parents rights, medical freedom, and individual liberty. Kelly can be reached at kelly@tennesseeconservativenews.com.