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Oklahoma Senator drafts bill for state-backed financial institution supported by blockchain tech

Mon, 20 Jan 2020, 13:38 pm UTC

Senator Nathan Dahm has drafted a new bill for Oklahoma that calls for a state-backed financial institution that will be fully supported by blockchain technology, Cointelegraph reported.

The bill, dated Jan. 15, 2020, states that “the purpose of this new state-chartered financial institution shall be to provide valuable financial and technical services to blockchain and virtual currency innovators and developers.”

It also stated that the state is committing itself to partner with innovative technology to develop financial projects as well as grow technical and financial sectors in Oklahoma. It will be introduced on Feb. 3, 2020, and is expected to take effect on Nov. 1.

“The bills would have to be given a hearing in committee when we start session in February. In the past, the chair of the committee originally expressed interest until the lobbyist for the banking commission convinced her to oppose all crypto bills. So the main thing that needs to happen is education since so many legislators base their decisions on what lobbyists & donors tell them when they don’t have an understanding of the concept (like cryptos & blockchain) for themselves,” the senator explained to Cointelegraph.

Senator Dahm confessed that he started the bill due to his interest in crypto. He also admitted that what Rep Tyler Lindholm did to Wyoming inspired him to work on something similar.

“I’ve always been interested in cryptos since bitcoin first came out but once I heard what Wyoming (especially Rep Tyler Lindholm) was doing I decided to pursue something in Oklahoma,” Senator Dahm told Cointelegraph when asked why he started the bill.

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