Nebraska Approves Digital Asset Banking Framework: Facilitating Cryptocurrency Transactions

On May 26, the office of the Governor of Nebraska, the United States officially signed the Digital Asset Banking Framework Act, which establishes a state charter for cryptocurrency banks, which has been voted by the senators and approved by the state assembly.

The bill allows banks to provide services to customers who own bitcoin and other digital assets. This means that Nebraska has become the second state in the United States that can issue licenses for crypto banks, and the first state is Wyoming. Chartered its first crypto bank in September 2020. It is worth mentioning that in May of this year, Wyoming Governor Mark Gordon (Mark Gordon) also showed up at the consensus virtual conference and revealed that he owns cryptocurrency.

It is reported that the proposal was proposed by Republican Mike Flood in January to pass the Nebraska Financial Innovation Act and create a digital asset deposit institution, as well as stipulate the franchise, operation, supervision and supervision of such institutions.

In July last year, the Office of the Comptroller of the Currency (Office of the Comptroller of the Currency) announced that it would allow federally chartered banks to provide custody services for cryptocurrencies. Although the measures proposed by Flood do not apply to federally chartered banks in Nebraska, the proposal appears to be an attempt to extend this benefit to state chartered banks.

In fact, as early as 2018, FinanceMagnates statistics show that only 11 of the 50 states under the jurisdiction of the United States are friendly to digital currencies, including Nebraska, California, Arizona, Nevada, Texas, Montana, Delaware, Illinois, Kansas, New Hampshire and Tennessee.

As early as January 2018, Tennessee State Assemblyman Jason Powell (Jason Powell) submitted a new bill to the Tennessee House of Representatives that would recognize blockchain signatures as legal electronic records, responding to the A similar bill submitted by the State of Brasca. Like other bills, the bill clarifies that smart contracts or self-executing agreements triggered when certain conditions are met will also have legal effect in Tennessee. Any contract related to the transaction should not be deprived of legal validity, validity or enforceability just because the contract contains the terms of the smart contract. In addition, in January of the same year, Nebraska State Senator Carol Blair submitted three proposed laws to the Nebraska Legislature, one of which would amend the state’s money laundering regulations to include cryptocurrency, and Two items focus more broadly on blockchain applications.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.