Wisconsin lawmakers have introduced a new bill aimed at making it easier for individuals and businesses to engage with digital assets. If passed, the bill would exempt people from needing money transmitter licenses to mine, stake, or exchange cryptocurrencies.
The measure, known as Assembly Bill 471, was introduced on Monday. It seeks to clearly outline exemptions from the Wisconsin Department of Financial Institutions (DFI) licensing requirements.
According to the proposal, individuals and companies would not require a DFI license to mine, stake, or develop blockchain software. The bill also exempts certain types of asset exchanges, as long as they don’t involve converting crypto into legal tender or depositing into banks.
The document further states that no state agency or local government can ban individuals from accepting digital assets for legal goods and services. It also safeguards the right to custody using self-hosted or hardware wallets.
In addition, Wisconsin residents would be allowed to run blockchain nodes, transfer assets, develop blockchain-based software, and participate in staking activities without facing regulatory barriers.
Progress and potential risks
The bill has support from seven Republican lawmakers in the Assembly and two in the Senate. It has been referred to the Committee on Financial Institutions. As per the legislative procedure, the bill is now under an initial committee review. After this, it will go through three more review processes, passing through two chamber processes and one more committee review before it can be enacted.
However, risks remain. In the absence of explicit federal laws, states may end up with conflicting crypto laws. The investors and businesses might also be uncertain as to whether the rules will be changed in future or whether the federal policies will override the state endeavors.
Wisconsin’s push reflects a broader trend of states trying to provide clarity around digital assets. While the bill could reduce barriers and encourage innovation, its passage and long-term impact remain uncertain.
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