Oklahoma Senator Drafting New Law For Establishing Blockchain-based Financial Institution

By Mary T. | January 21, 2020

Senator Nathan Dahm has reportedly drafted a new law for the state of Oklahoma, which primarily aims to establish a new blockchain-based, state-supported innovative financial institution. 

The senator has provided his answer to a question of what fueled his initiative to draft the bill – which will help with designing a new classification of institutions. 

“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,” 

Initially date on January 15th, 2020, the new bill will provide a new classification for the state-backed financial institutions, deeming them “the central depository for virtual currency used by governmental agencies in this state.”

More specifically, the initiative is an attempt to pre-eliminate any potential regulatory tension, giving more space for innovation to develop, while at the same time offering protection to citizens. 

“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.”

“Oklahoma is committing to partner with innovative technology, help develop next generation financial products, and safely grow unique technical and financial sectors in this state,” The bill plans to make Oklahoma an active state, in the process of supporting innovations.

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