Wisconsin lawmakers brought forth a new bill on Monday that would allow individuals and businesses in the state to bypass the requirement for remittance licenses if they engage in crypto mining, staking, and exchanges. If this bill is enacted, it aims to clarify which activities are exempt from needing licenses from financial institutions.
According to a document from Wisconsin’s Legislative Standards Office, the proposed Bill 471 would free people and businesses from needing a Department of Financial Institutions license for activities like crypto mining, staking, or development.
Additionally, exchanges of digital assets wouldn’t require a license if they do not involve converting to fiat currency or making bank deposits.
The document notes that the bill would prevent state agencies or local governments from prohibiting the use of digital assets as payment for legal goods or services, as well as restrict how digital assets are managed via hosted or hardware wallets.
It also specifies that, starting May 1, residents will be able to connect to the blockchain protocol to run nodes or develop software on it.
This legislation is part of a broader effort to clear up some of the uncertainties surrounding state-level crypto regulations. While there has been increased adoption, the regulatory landscape remains murky across the country.
Challenges Ahead for Wisconsin’s Bill
The bill is backed by seven Republicans in the House and two in the Senate and is currently under review by the Financial Institutions Committee.
As it stands, the bill has a progress rate of 25%, as it must pass through one chamber and two additional committees before becoming law.
