Lawmakers in the U.S. state of Nebraska have taken a new step toward adopting a bill that allows state-owned banks to offer cryptocurrency services.
According to a May 19 report by Senator Julie Salame, a lawmaker named LB 649 has just entered the latest round of debates. She added that the law creates a nationwide framework for cryptocurrencies and digital asset banks in Nebraska:
“Nebraska is happy to be a national leader in cryptography!”
As the Cointelegraph reported earlier this month, the legislature was represented by Republican Mike Flood in January. The bill aims to pass the Nebraska Financial Innovation Act and establish custodial institutions for crypto activities, as well as provide charter, operations, supervision and regulation for these institutions.
According to the official calendar of events, the bill was sent for registration and processing on May 10, has now been approved and has passed the final phase.
If passed, the legislature will make Nebraska the second U.S. state to establish an official charter for banks specializing in cryptocurrencies. Wyoming became the first state to do so by hiring its first cryptocurrency bank in September 2020.
Senator Mike Flood introduced the Digital Asset Transactions Act and passed the Nebraska Financial Innovation Act to the 107th state legislature in January, hoping it would help the country get jobs in technology and economics.
At the time, Senator Steve Erdman, in response to suspicions from some lawmakers, allegedly said the bill was far from an acceptable form. Three months later, the bill almost completely satisfied supporters, such as Senator Flood and Salama.
When the bill was introduced, Flood said, “This is a unique opportunity not only for my region but also for Nebraska,” after talking to a friend of an entrepreneur who has decided to move into the cryptocurrency industry in Wyoming.