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A crypto-friendly bill co-authored by a cryptocurrency firm and first introduced by Republican state senator Mike Flood this January was signed into law today in Nebraska.
The Nebraska Financial Innovation Act was one of Senator Flood s first initiatives, introduced scarcely two weeks after being sworn into office. It will authorize the regulation of digital asset depositories in the state by creating a new state banking charter tailored to digital asset-backed financial services. Republican lawmakers outnumber Democrats almost two-to-one in the state legislature (32 to 17) and numbers for this week s final vote were 46–2.
Signed into law as Legislative Bill 649, the Act means that financial institutions e.g., banks, building and loan associations can operate digital asset depository businesses, for which Nebraska will provide “charter, operation, supervision, and regulation.” Under the terms of the Act, these institutions can be chartered in the United Stat