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Becoming A Leader In Cryptocurrency Banking: Nebraska Adopts Financial Innovation Act | Husch Blackwell LLP
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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
Nebraska bill to allow banks to offer crypto services passes to final round Nebraska could follow Wyoming and open its first crypto bank should the bill pass the final round. 7169 Total views News
Lawmakers in the U.S. state of Nebraska have taken another step towards passing a bill that will allow state banks to offer cryptocurrency services.
According to a May 19 tweet from Senator Julie Slama, the legislature called LB 649 has just passed to the final round of debate. She added that the bill establishes a statewide framework for cryptocurrency and digital asset banks in Nebraska:
“Excited for Nebraska to be a national leader in crypto!”