Nebraska May Allow Banks To Offer Crypto Services

Meanwhile, on the other side of the world, in Nebraska, a new bill will do quite the opposite, allowing banks to start providing crypto services.

A Positive Move

A few days ago, I saw a tweet published by Senator Julie Slama that noted that the legislature called LB 649, which deals with this issue, has just passed to the final round of debate. Should the bill be passed, it would bring a statewide framework for crypto and digital asset banks, effectively turning Nebraska into the leading US state as far as crypto adoption is concerned. Well, apart from Wyoming, which was the actual first state to do it back in September 2020.

The legislature was introduced by Republican Mike Flood earlier this year, in January. As far as it is known, the bill’s goal is to adopt the Nebraska Financial Innovation Act and create new institutions that would deal with crypto asset depository. Along the way, they would also offer charter, supervision, operation, and regulation services for various institutions.

Crypto World Moves Quickly

One thing that I found interesting is that the bill is one step away from becoming the law, and yet, back in January, when Senator Mike Flood introduced it, Senator Steve Erdman reportedly claimed that the bill was nowhere near close to being in a form that might pass the process. This goes to show how skepticism of one individual should not discourage an effort, especially if it can help improve the existing situation in any way, which this bill definitely can.

Fortunately, Flood wasn’t discouraged by these words, instead recognizing the once-in-a-lifetime opportunity to give Nebraska an edge and turn it into one of the most progressive states in the country. He allegedly also did it because one of his friends, who was an entrepreneur, mentioned that he needed to move to Wyoming in order to move their crypto business to a friendlier environment. Recognizing that this is a growing issue among entrepreneurs and knowing that bringing them to Nebraska could be highly beneficial, Flood started the fight that is now only one small step away from victory.

Would you like to see other states adopt crypto-like Nebraska and Wyoming?

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