Cryptocurrency News

A Senator from Nebraska to Work A Great Deal for the Cryptocurrency Industry

Now that Biden has taken his role as the President of the United States of America, things will now start getting better for the crypto-industry in the country. During Donald Trump’s tenure as the 45th President of the United States, things did not seem to be going in favor of the cryptocurrency industry.

Over the course of 4 years, Donald Trump’s administration put a lot of obstacles and problems in the way of the cryptocurrency industry. For more than 4 years, the cryptocurrency industry was somewhat pinned down in the United States.

Even the regulatory authorities of the United States were extremely harsh and unjust with the cryptocurrency industry. The majority of the major cryptocurrency entities such as Coinbase, Binance, and Ripple expressed on several occasions that they are planning to relocate outside of the U.S.

When asked, all three giants from the crypto-verse stated that the regulations imposed by the American government are extremely complex and rigid. The entities even complained that the crypto-regulators were not even willing to listen to them.

However, as the administration of Donald Trump started coming to an end, many states have started showing their interest in the cryptocurrency trading industry.

Just recently, it was the mayor of Miami, Florida who expressed his deep desire for launching cryptocurrencies in the city. The Miami mayor even exchanged some very promising tweets with Anthony Pompliano and the Winklevoss twins from the crypto-industry.

While tweeting, the Miami mayor revealed that he had already spoken with his legal team regarding the regulations around cryptocurrencies. He revealed that his city is planning to bring in some of the crypto-mining firms claiming that Miami will soon become a crypto-city in Florida.

This time, it is a senator from the state of Nebraska who is getting ready to provide cryptocurrencies a very smooth platform. The senator has recently proposed legislation that will prove to be friendly to the entire cryptocurrency industry. If the new legislation is approved and adopted, Nebraska will become the first regulatory safe-haven for the financial technology firms.

It was just two weeks ago when the Republican Mike Flood had sworn an oath as a senator. The senator proposed two acts titled “Adopt the Nebraska Financial Innovation Act and the Transaction in Digital Assets Act. The senator proposed the two acts at the office of the 107th Legislature of the state.

The two acts proposed by the senator provide guidelines on the banks’ adoption of crypto-custody and the creation of crypto-firms in Nebraska. One of the act provides clear and well studies guidelines that would see the banks provide digital asset custodies to the clients.

The other act would provide guidelines as to what the firms have to follow and keep in mind when starting cryptocurrency-related services.

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