Crypto bank Custodia is filing a lawsuit against the U.S. Federal Reserve for allegedly delaying the approval of its master account application. According to recent court documents, Custodia is suing the Fed for supposedly refusing to act upon the bank’s master application, which would give it direct access to the Federal Reserve, for over a […]
The post Crypto Bank Custodia Sues Federal Reserve for Delaying Approval of Master Account Application appeared first on The Daily Hodl.
The Bank of France has successfully completed an experiment involving the use of CBDC to settle listed securities. The test has been carried out with the help of an alliance of partners led by SEBA Bank, a digital asset banking provider based in the Swiss crypto valley. Central Bank and Crypto Company Conduct Successful CBDC […]
Nebraska could follow Wyoming and open its first crypto bank should the bill pass the final round.
Lawmakers in the U.S. state of Nebraska have taken another step towards passing a bill that will allow state banks to offer cryptocurrency services.
According to a May 19 tweet from Senator Julie Slama, the legislature called LB 649 has just passed to the final round of debate. She added that the bill establishes a statewide framework for cryptocurrency and digital asset banks in Nebraska:
“Excited for Nebraska to be a national leader in crypto!”
As reported by Cointelegraph earlier this month, the legislature was introduced by Republican Mike Flood in January. The bill aims to adopt the Nebraska Financial Innovation Act and create crypto asset depository institutions, in addition to providing for charter, operation, supervision, and regulation of these institutions.
According to the official timeline of events, the bill was advanced for enrollment and review on May 10, and it has now been adopted and passed to the final stage.
If passed, the legislature would make Nebraska the second U.S. state to formalize a charter for cryptocurrency-centric banks. Wyoming was the first state to do so, chartering its first crypto bank in September 2020.
Huge #CryptoNews - the Nebraska Legislature just passed LB 649 to the final round of debate!
— Senator Julie Slama (@SenatorSlama) May 18, 2021
LB649, introduced by @MikeFloodNE , establishes a statewide framework for #cryptocurrency and digital asset banks in Nebraska.
Excited for Nebraska to be a national leader in crypto!
Senator Mike Flood introduced the Transactions in Digital Assets Act and Adopt the Nebraska Financial Innovation Act to the state’s 107th Legislature in January with the hope it could help the state benefit from technology and finance jobs.
At the time, Senator Steve Erdman reportedly said that the bill was not anywhere close to being in a form where it could pass, in response to skepticism from some lawmakers. Three months later the bill is a lot closer to passing much to the satisfaction of those in favor of it such as Senators Flood and Slama.
When the bill was introduced, Flood stated “This is a once-in-a-lifetime opportunity not only for my district but the state of Nebraska,” after chatting with an entrepreneur friend who decided to move into the cryptocurrency industry in Wyoming.
Switzerland-based crypto bank SEBA is adding support for three defi tokens, bringing the number of cryptocurrencies available on its platform to a total of nine. SEBA clients are able to buy, store and trade with fiat any of these cryptos. SEBA Bank Supports the Coins of 3 Defi Protocols With the new tokens, SEBA Bank […]
The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary […]