LINCOLN- On Wednesday, U.S. Rep. Mike Flood held what he called a "Flyover Fintech" forum for over 250 attendees, most of whom work in the business, government, and academia sectors, at the University of Nebraska-Lincoln College of Business, stressing the importance of federal regulation for cryptocurrency and blockchain technology. Attendees included the University's President, Ted Carter, Nebraska Bankers Association President Richard Baier, several startup managerial figures, and members of the Nebraska Legislature's Banking, Commerce, and Insurance Committee.

"I see fintech as an opportunity to create wealth and jobs in Nebraska," Flood told the large crowd, "I see fintech as an evergreen area of the law where we are literally shaping how this sector is going to move forward...for the entire world." Fintech, or financial technology, was described to the crowd by U.S. Rep. French Hill, an Arizona representative, who sees technologies like cryptocurrency and the blockchain as the future of global finance. Hill compared the financial disruption caused by cryptocurrency to that of the ATM, which is now a ubiquitous financial tool.

Later on in the forum, Flood, as well as Nebraska Lt. Gov. Joe Kelly, a former criminal prosecutor, spoke about the need to regulate the up-and-coming technology to protect individuals from fraud. The challenge in doing so, according to several speakers at the event, is ensuring that legal protections for investors and customers that were designed for stocks, bonds, and banks are properly calibrated to handle financial transactions and the rise of artificial intelligence. Sen. Eliot Bostar, however, who led one of the panels, is optimistic about the future of the technology, saying that the disruption caused by cryptocurrency, just as the one caused by ATMs and credit cards, will pass as the technology becomes more user-friendly and ubiquitous.

For the full article click HERE