Nebraska Lawmaker Introduces Bills That Would Permit Banks to Custody Crypto

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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