Share this article
BTC
$80,763.08
-
1.54%ETH
$1,546.79
-
4.53%USDT
$0.9992
-
0.03%XRP
$2.0101
+
0.54%BNB
$579.66
+
0.43%USDC
$0.9999
-
0.01%SOL
$115.36
-
0.38%DOGE
$0.1564
+
0.23%ADA
$0.6242
+
1.21%TRX
$0.2358
-
2.05%LEO
$9.4137
+
0.37%LINK
$12.41
+
0.26%AVAX
$18.46
+
1.64%HBAR
$0.1710
+
2.42%TON
$2.9092
-
4.06%XLM
$0.2332
-
0.70%SUI
$2.1680
+
1.40%SHIB
$0.0₄1186
+
0.13%OM
$6.4222
-
4.61%BCH
$296.25
+
0.07%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Nebraska Lawmaker Introduces Bills That Would Permit Banks to Custody Crypto
Sen. Mike Flood wants to make Nebraska a financial technology hub and create jobs.
A Nebraska state senator has introduced two bills that would allow the state's banks to offer custodial services for digital assets.
STORY CONTINUES BELOW
- Sen. Mike Flood, a Republican, introduced the legislation at the first session of the 107th state legislature on Tuesday.
- Legislative bill 648 (see below) relates to the "Transactions in Digital Assets Act," outlining requirements for banks providing custodial services and a classifications of digital assets and related technology such as smart contracts and private keys.
- Banks seeking to offer custody services would need to give 60 days notice to Nebraska's Director of Banking and Finance and comply with the provisions of the bill.
- They would also need to comply with state and federal laws on money laundering, as well as following information technology best practices for securing digital assets.
- Custodied digital assets would not be depository liabilities or assets of the bank.
- Last week, Flood said he would introduce the bills as a top priority, aiming to make Nebraska a financial technology hub and create new jobs in the state, reported Norfolk Daily News.
- In July, the Office of the Comptroller of the Currency issued a letter allowing all nationally chartered banks in the U.S. to provide custody services for cryptocurrencies.
See legislative bill 648 in full below:
Read more: Nebraska Lawmaker Files 3 Blockchain Bills
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
