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Regulation and Policy

Maine Senator Proposes Bill to Allow Digital Currency Transactions in State Financial Institutions

Maine Senator Proposes Bill to Allow Digital Currency Transactions in State Financial Institutions

Despite the turbulent state of the cryptocurrency market, there has been a significant increase in adoption of digital currencies.

A recent development in this regard is the introduction of a new bill by Senator Eric Brakey that seeks to allow digital currency transactions in Maine State financial institutions.

Senator Eric Brakey’s proposed bill

The proposed bill follows the standard of Wyoming laws. Its advancement has received support from digital pioneers, including Caitlin Long, founder of Custodia Bank, and Tyler Lindholm, AFP Wyoming state director.

Brakey plans to introduce the bill to the Maine Legislature, and it will be the first time the Maine Legislation hears matters concerning cryptocurrencies.

XRP community’s support

The XRP community has chosen attorney John Deaton to defend the acceptance of digital currency in financial institutions during the first public hearing, which will occur via the Zoom app on April 4 at 10:15 AM Eastern Time.

According to Senator Brakey, Deaton is the best candidate to testify to the bill. He has sent a request to Deaton, asking whether he could defend the cryptocurrency policy before the Maine State Depository Institutions for Digital Assets – LD 990.

John Deaton’s expertise

Deaton is a digital asset enthusiast focusing on popular tokens, including Ethereum, XRP, Bitcoin, and blockchain technology. He had once protected the interest of XRP holders, which is evident from an amicus brief he filed in October last year.

He has also shown proficiency in another lawsuit between LBRY, an open-source content distribution firm, and the SEC.

READ MORE: “Crypto Assets Are Not Securities”, According to New Paper


Should the bill receive approval, it would enable digital currency transactions in Maine State financial institutions. More individuals may adopt digital tokens for diverse transactions.

The invitation of Deaton to testify before the Maine Legislators indicates the growing interest in the cryptocurrency industry and the need for experts to provide insights on the industry’s legal and regulatory frameworks.

The proposed bill represents a significant development in adopting digital currencies, and it would be interesting to see how the Maine Legislation handles the matter.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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