Drafting a New Future for Oklahoma’s FinTech

Senator Nathan Dahm of Oklahoma is looking to make waves with his new bill aimed at establishing a state-backed financial institution that revolves around the fascinating world of blockchain technology. According to Dahm, it’s not just a tech trend; it’s the future—the kind of futuristic sci-fi we all geek out over.

Inspired by Wyoming

In an enlightening email exchange with Cointelegraph, Dahm shared his enthusiasm for cryptocurrencies that sparked his interest all the way back when Bitcoin was roasting marshmallows by the financial campfire. “I’ve always been interested in cryptos since bitcoin first came out,” he noted. His inspiration took a turn when he saw the innovative measures taken by Wyoming, particularly those pushed by Rep. Tyler Lindholm. “I decided to pursue something in Oklahoma,” he declared, proving that every good idea is worth a road trip.

The Details of the Bill

Dated January 15, 2020, the bill outlines plans for a “central depository for virtual currency” to be utilized by governmental agencies within the state. This isn’t just government bureaucracy at play; it’s a promise to prevent the dreaded regulatory stifling of innovation while ensuring the safety of citizens. The aim? “To provide valuable financial and technical services to blockchain and virtual currency innovators and developers.” It’s like handing them the keys to the tech kingdom.

Education is Key! Or is it a Wallet?

As the bill awaits its hearing in February, Dahm explained the obstacles ahead. It turns out, some committee members are a bit skeptical. “The chair of the committee originally expressed interest until the lobbyist for the banking commission convinced her to oppose all crypto bills,” he lamented. So, it seems education is crucial. Who knew learning about blockchain could be more important than those sweet campaign contributions? Senators need to see beyond the lobbyists and truly get the ins and outs of crypto and blockchain, or we might end up in a regulatory nightmare.

A Commitment to Innovation

Senator Dahm’s bill is not just a lofty proposition; it’s a declaration. “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.” Now that’s a self-pat on the back if we ever heard one. If all goes well, an extraordinary pivot towards high-tech finance could become a reality on November 1, 2020.