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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.

Jan 21, 2021 at 12:15 p.m. UTC
Updated Sep 14, 2021 at 10:59 a.m. UTC

A Nebraska state senator has introduced two bills that would allow the state's banks to offer custodial services for digital assets.

  • 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:

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