Wisconsin bill to exempt crypto businesses from money licenses
Wisconsin lawmakers have introduced a bill on Monday that, if enacted, would exempt individuals and businesses in the state from requiring money transmitter licenses to participate in mining, staking and exchanging digital assets.
According to a document from the Wisconsin Legislative Reference Bureau, the bill seeks to clearly define exemptions from requiring a license from the Department of Financial Institutions for money transmission-related activities.
Under the proposed exemptions of Wisconsin Assembly Bill 471, individuals or businesses would not need DFI licences for crypto mining, staking and developing blockchain software.
It also exempts the exchanging of digital assets if the transactions don’t involve the “conversion to legal tender” or bank deposits.
“Under the bill, neither a state agency nor a political subdivision may prohibit or restrict a person in accepting digital assets as a method of payment for legal goods and services or in taking custody of digital assets using a self-hosted wallet or hardware wallet,” the document reads, adding that:
“The bill also specifies that a person in this state may 1) operate a node for the purpose of connecting to a blockchain protocol and participating in the blockchain protocol’s operations; 2) develop software on a blockchain protocol; 3) transfer digital assets to another person utilizing a blockchain protocol; and 4) participate in staking on a blockchain protocol.”
The bill marks another attempt to reduce some of the legal gray area surrounding state-based crypto regulation. There is still a lack of clear rules across the country for crypto despite increasing adoption.
Wisconsin bill still has hurdles to pass
The bill is sponsored by seven Republican members at the House level, and two Republican co-sponsors from the Senate, and has since been referred to the Committee on Financial Institutions.
According to Legiscan, the bill has a current progression rate of 25%, as it still has to pass through one chamber and two more committees before it could potentially be enacted.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SUI Chart Projects a Rally Through Late 2027
AI Trading Logic Shifts! From Japan and Korea to the US, Global Chip Stocks Plummet, Star IPOs Stalled, Changxin Technology Breakthroughs Raise Repeated Alarms
Among AI-related stocks that have risen significantly this year, storage chip stocks are particularly prone to profit-taking; under crowded trading and high valuations, new signs of competition are enough to trigger concentrated selling. According to Wall Street sources, Changxin Technology's 4F² DRAM architecture has provided investors with an opportunity to take profits. While its technological advancements are indeed significant, they should not be directly regarded as an immediate threat to existing manufacturers. The AI rally has not ended and may be entering its next phase, with investors focusing more on realizing profits rather than purely betting on infrastructure expansion.
Crypto prices
More
