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.
On Tuesday, April 4 at 10:15 AM, I will present L.D. 990 to the Maine Financial Services Committee.
Open to the public — this will be the first ever public hearing on cryptocurrency in the Maine Legislature.
— Sen. Eric Brakey 🌲 (@SenatorBrakey) April 3, 2023
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.
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.