Wisconsin lawmakers officially submitted a bill on Monday that, if passed, would exempt individuals and businesses involved in cryptocurrency mining, staking, and exchanging digital assets in the state from applying for a money transmission license.
The documents released by the Wisconsin Legislative Reference Bureau indicate that the bill aims to clearly define which activities related to money transmission can be exempt from the financial institution department's licensing requirements.
According to the exemption provisions proposed in Wisconsin Assembly Bill 471, individuals or businesses engaged in cryptocurrency mining, staking, and blockchain software development will no longer need a DFI license.
The bill also exempts digital asset exchange activities that do not involve "conversion to fiat currency" or bank deposits.
The document states: "Under this bill, no state government agency or political branch may prohibit or restrict individuals from accepting digital assets as payment for lawful goods and services, or from using self-custody wallets or hardware wallets to hold digital assets." The document further adds:
"The bill also explicitly states that state residents may: 1) run nodes to connect to blockchain protocols and participate in their operation; 2) develop software on blockchain protocols; 3) transfer digital assets to others via blockchain protocols; 4) participate in staking activities of blockchain protocols."
This bill marks another attempt by the government to narrow the legal gray area of cryptocurrency regulation across states. Despite the increasing adoption of cryptocurrencies, there remains a lack of clear regulatory rules nationwide.
The bill was initiated by seven Republican members of the House and co-sponsored by two Republican senators, and it has currently been submitted to the Financial Institutions Committee for review.
According to Legiscan, the bill currently has a progress rate of 25%, and it still needs to pass one chamber and two additional committee approvals before it can potentially be implemented.
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Original: “Wisconsin Bill Aims to Exempt Crypto Businesses from Money Transmission License Requirements”
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