https://blog.tenthamendmentcen...and-deposit-account/

NASHVILLE, Tenn. (April 12, 2024) – Yesterday, Tennessee Governor Bill Lee signed a bill into law that expressly excludes a central bank digital currency (CBDC) from the definition of money and a “deposit account” under the Uniform Commercial Code (UCC), creating potentially significant roadblocks to its use as such in the Volunteer State.

Sen. Bill Powers introduced Senate Bill 2219 (SB2219) on Jan. 30. Rep. Jeff Burkhart introduced the companion, House Bill 1901 (HB1901) in the House. Under the Tennessee UCC, “money” currently means “a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.”

SB2219 adds the term “does not include any central bank digital currency” to that definition.

An amendment in the Senate Commerce Labor Committee added language to also exclude CBDC from the definition of a “deposit account.”

On April 1, the House passed it by a 77-14 vote. The Senate previously passed the measure by a 31-0 vote. With Gov. Bill Lee’s signature, the law goes into effect on July 1.

Similar legislation has already been signed as law in Indiana, Florida, South Dakota, and Utah.

More at link

But doesn't the constitution give Congress the sole power to mint or call whatever they want "money?"

The Constitution’s Seven Money Clauses

https://deanclancy.com/the-con...seven-money-clauses/

quote:

Originally posted by Rey HRH:
But doesn't the constitution give Congress the sole power to mint or call whatever they want "money?"

I don't see where Tennessee or the other states are trying to mint or coin money. They are just trying to prevent a particular type of currency transaction.

quote:

Originally posted by egregore:

quote:

Originally posted by Rey HRH:
But doesn't the constitution give Congress the sole power to mint or call whatever they want "money?"

I don't see where Tennessee or the other states are trying to mint or coin money. They are just trying to prevent a particular type of currency transaction.

I'm not trying to argue as my question was sincere and I am ambivalent on this state issue although I am against digital currency.

But wcb's post above has this in the linked article:

quote:

Congress shall have power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures. ~ Art. I, sec. 8, cl. 5.

So if and when Congress passes a law saying digital currency has value and is acceptable as legal tender, then it's easy for someone to come in and sue any state's laws against digital currency as being unconstitutional.

I can also see Congress being able to pass a law saying as of a certain date, paper money will no longer have any value and for people to convert them into digital currency by that date or end up with just souvenir paper of no economic transactional worth.