{"id":30546,"date":"2021-05-21T08:11:09","date_gmt":"2021-05-21T14:11:09","guid":{"rendered":"http:\/\/update.legislature.ne.gov\/?p=30546"},"modified":"2021-05-21T08:11:09","modified_gmt":"2021-05-21T14:11:09","slug":"digital-asset-depository-bill-approved","status":"publish","type":"post","link":"https:\/\/update.legislature.ne.gov\/?p=30546","title":{"rendered":"Digital asset depository bill approved"},"content":{"rendered":"

A bill establishing a state-level regulatory system for digital assets \u2014 including cryptocurrency such as Bitcoin \u2014 passed May 20.<\/p>\n

\"Sen.
Sen. Michael Flood<\/figcaption><\/figure>\n

LB649, introduced by Norfolk Sen. Michael Flood, allows creation of digital asset depository institutions in Nebraska.<\/p>\n

The bill provides two pathways for managing digital currency: a state-chartered bank may create a digital asset division or a digital asset depository may be created under a new charter. Both are regulated by the state Department of Banking and Finance.<\/p>\n

Among other provisions, LB649 also:
\n\u2022 establishes procedures for incorporation, operation, liquidation and dissolution of digital asset depository institutions;
\n\u2022 prohibits digital depository institutions from taking cash deposits or lending cash;
\n\u2022 requires a digital depository\u2019s headquarters and office of the chief executive officer to be established in Nebraska;
\n\u2022 allows digital depositories to be held by a bank holding company and allows existing bank investment in such a depository;
\n\u2022 requires notice to customers that accounts are not insured by the Federal Deposit Insurance Corporation if applicable;
\n\u2022 requires a surety bond or pledged investments and specified private insurance;
\n\u2022 authorizes digital depositories to obtain federal deposit insurance if available;
\n\u2022 establishes a minimum capital requirement of $10 million;
\n\u2022 allows a digital asset depository to use the term \u201cbank\u201d in its name only if it is clear that the entity is managing digital assets;
\n\u2022 allows digital depositories to apply for membership in the Federal Reserve Bank system; and
\n\u2022 authorizes the director of the Department of Banking and Finance and the governor to set the assessment of digital depositories to cover administration costs.<\/p>\n

Lawmakers passed LB649 on a 46-2 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"

A bill establishing a state-level regulatory system for digital assets \u2014 including cryptocurrency such as Bitcoin \u2014 passed May 20.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6],"tags":[268],"class_list":["post-30546","post","type-post","status-publish","format-standard","hentry","category-banking-commerce-and-insurance","tag-sen-michael-flood"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/30546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30546"}],"version-history":[{"count":2,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/30546\/revisions"}],"predecessor-version":[{"id":30548,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/30546\/revisions\/30548"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}