Nebraska Gov. Jim Pillen. Photo: Jim Watson/AFP/Getty Images
Nebraska is ready and willing to put its imprimatur on stablecoins.
Catch up quick: The private company Telcoin got the green light from Nebraska regulators in February to become the state's first crypto deposit bank. It's expected to launch its stablecoin, eUSD, early this year.
It's the result of the state's Nebraska Financial Innovation Act, passed four years ago, which created a path for its banking regulator to approve a stablecoin, Nebraska finance director Kelly Lammers tells Axios.
Between the lines: The law is live, and the state isn't waiting on federal action, but Lammers is watching the forthcoming legislation from Congress.
Nebraskan officials are working now on a framework regulators can use to assess the riskiness of a token by taking into consideration its underlying blockchain, tokenomics, governance and other issues.
This is meant to complement the CAMELS system that regulators already use to assess banks.
Fun fact: Nebraska's law was championed in the state legislature by Republican Rep. Mike Flood, now in the U.S. House.
