The State of Tennessee has requested proposals from contractors who can assist it handle unclaimed cryptocurrency on its behalf.
According to the announcement, the federal government has requested potential distributors to submit a proposal to the Tennessee Department of Treasury on how they’ll handle any cryptocurrency for the state. Although the state doesn’t maintain any crypto in the intervening time, the state needs to be ready.
Pursuant to Tennessee’s unclaimed property program, this newest request, dubbed ‘Request for Proposals for safekeeping and servicing of unclaimed securities and virtual currency,’ requests these distributors to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program.”
The program is an initiative of the federal government to reunite homeowners with their belongings. It presently has $1.2 billion price of unclaimed belongings. While the state holds the money instantly, a vendor holds the securities on its behalf. It’s now looking for to use the identical method for cryptocurrencies.
Requirements embrace an authorized buying and selling quantity worth construction
Applicants are anticipated to present a worth construction for the buying and selling quantity they’re succesful of dealing with. The construction is predicated on a buying and selling quantity of $500,000 or 50 BTC transfers throughout exchanges.
This transfer seems to be an try by the federal government to carry crypto beneath its management if it ought to obtain unclaimed crypto belongings.
However, different situations the applicant is anticipated to meet additionally embrace offering “a narrative that illustrates the Respondent’s experience in dealing directly with Unclaimed-Securities and virtual currency” or an “understanding of how Unclaimed Securities and virtual currency is unique to the custody services and how the Respondent will be able to fulfill those services.”
The vendor should additionally clarify intimately the expertise they plan to use and the processes. The deadline for submitting the proposal is Thursday, with the state authorities planning to announce the profitable applicant by May 10. The RFP additionally states that it isn’t limiting its choice to Bitcoin holdings alone.
Tennessee continues to dip its toes into crypto coverage
Notably, this isn’t the primary time Tennessee is displaying curiosity in crypto. The metropolis of Jackson has proven repeated curiosity in crypto with a quantity of its insurance policies.
A lawmaker within the state, Jason Powell, additionally proposed a invoice in February that’ll permit the state to instantly spend money on crypto and non-fungible tokens.
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