Oklahoma senator Nathan Dahm wrote a new bill for his state which looks to build a state-backed innovative financial institution around blockchain technology, establishing a new classification of institutions.
Detailing the bill
Adding further details, the text explained the movement essentially will prevent regulatory stifling, allowing innovation to grow, while also protecting citizens.
The document noted:
The bill looks to assign Oklahoma an active role in innovation. “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 reads.
According to the details provided, the bill will be introduced on Feb. 3, 2020 and come into play on Nov. 1, 2020.
Cointelegraph reached out to Senator Dahm for comment but received no response as of press time. This article will be updated accordingly upon receipt of a response.