Nebraskan legislators push bill to allow banks to offer crypto services

Nebraskan lawmakers have pushed forward a bill that would allow state banks to offer cryptocurrency trading services.

The initiative sets the U.S. state on the path to becoming the next Wyoming. Recall that Cynthia Lummis, Senator-elect for Wyoming has previously expressed her pro-crypto stance. The state as a whole has also taken steps to position itself as crypto-friendly.

Speaking of the new bill, Nebraskan senators have allowed the motion to pass through the first of three required votes in the legislature. 39 lawmakers voted to advance the bill to enrollment and initial review phase by Sunday.

The bill was introduced by Republican Mike Flood back in January. The Legislature bill 649 draws on the Nebraska Financial Innovation Act to create cryptocurrency depository institutions, whilst making room for the charter, operation, supervision, and regulation of these institutions.

Flood revealed that the bill was inspired by a discussion with an entrepreneur friend that moved into the cryptocurrency sector in Wyoming. He explained that his state had the opportunity to become an early adopter of digital assets with the initiative, a move that could be beneficial to Nebraska in terms of finance and technology jobs. According to him, “this is a once in a lifetime opportunity not only for my district but the state of Nebraska.”

Of course, some Senators opposed the measure. Senator Steve Erdman, for instance, questioned the timing of the bill. He expressed skepticism on the possible impact of the measure, noting that “[the] bill is not anywhere close to being in a form where it could pass.”