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Flood sees cryptocurrency as ‘great opportunity’ for Norfolk | News

Sen. Mike Flood of Norfolk said Wednesday morning he plans to introduce bills aimed to make Northeast Nebraska a hub of financial technology. 

Flood updated the Norfolk Chamber of Commerce’s Governmental Affairs Committee Wednesday morning on several new or planned legislative bills.

Among these was the Nebraska Financial Innovation Act.

“As part of our Growing Together effort, one of the things that we need to do is create high-paying, high-skilled jobs. We also need to create jobs that bring wealth into the community,” Flood said. “I have been working with someone I’ve known for a very long time and he’s in the cryptocurrency business. He has an interest in locating in Norfolk. There is great opportunity in this area.”

Flood said his office has been working hard on the Nebraska Financial Innovation Act. This would be made up of two bills and create a cryptocurrency banking charter act.

“This is a true opportunity for Norfolk. It will create really good jobs. This is the future,” Flood said. “To be on the cutting edge of this, I think, is good for us. We need to be a leader in fintech. We in Norfolk have as much right to this new market as any other place in America.”

The act wouldn’t allow cryptocurrency banks to loan money but act as a transfer service, Flood said.

Flood said the public needs more education on cryptocurrency and that he plans to discuss it further next week.

This is Flood’s top priority this session, and he plans to introduce the act next week, he said.

FLOOD AND the committee discussed several other legislative bills and topics at the meeting:

— Legislative Bill 83: This bill would allow government subdivisions to use Zoom or other videoconferencing applications for public meetings during a public emergency. The emergency does not have to be statewide and could be declared by a mayor, for example, Flood said.

— LB112: Several committee members brought up concerns about this bill. If passed, it would require that members of the public be allowed to speak at open meetings, including special meetings.

— Unnamed bill: This bill would require judges to issue a fiscal note when an offender is sentenced to the department of corrections. This would estimate how much that sentence would cost taxpayers. This bill was expected to be introduced Wednesday.

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