Nebraska senator proposes new crypto-friendly legislation

Over the past years, there were a few countries, all over the world, considered crypto-friendly or even havens by investors and enthusiasts. However, it appears that the next hot spot could be the state of Nebraska, in the United States!

Republican senator Mike Flood, sworn in at the beginning of the year, introduced the Transactions in Digital Assets Act and Adopt the Nebraska Financial Innovation Act to the state’s 107th Legislature.

What does this initiative mean for cryptocurrency?

Keeping it short, these two bills basically lay out the guidelines required by state banks, in order to be able to custody digital assets, alongside creating financial institutions dealing in digital assets for which the state of Nebraska will eventually provide “charter, operation, supervision, and regulation.”

This set of measures could eventually give local courts all the legal fundaments to hear claims related to digital assets.

However, for this to become more than proposed legislation, it needs to go through a committee, then a general file in the state legislature.

“The rapid innovation of blockchain and digital ledger technology, including the growing use of virtual currency and other digital assets, has resulted in many blockchain innovators and consumers being unable to access secure and reliable banking services, hampering the development of blockchain services and products in the marketplace,” the second bill states.

Senator Mike Flood revealed that he is planning to introduce more bills in the future, in his attempt to transform his district into a real FinTech hub. He also believes that cryptocurrency can be a market with “great opportunity” for Nebraska.

“This is the future,” he said. “To be on the cutting edge of crypto, I think, is good for us. We need to be a leader in FinTech. We in Norfolk have as much right to this new market as any other place in America.”