Nikolas Sargeant
Wisconsin lawmakers have introduced legislation that would significantly ease regulatory requirements for cryptocurrency businesses operating in the state. Assembly Bill 471, introduced on Monday, seeks to exempt individuals and companies from obtaining money transmitter licenses from the Department of Financial Institutions for various digital asset activities including mining, staking, and blockchain software development.
The proposed bill would allow crypto exchanges to operate without DFI licenses as long as transactions don't involve conversion to legal tender or bank deposits. It also explicitly protects the right of residents to accept digital assets as payment for goods and services, custody crypto in self-hosted or hardware wallets, and operate blockchain nodes without government interference.
Sponsored by seven Republican House members and two Republican senators, the legislation represents another state-level effort to provide regulatory clarity in an industry still marked by legal uncertainty. The bill aims to remove gray areas in crypto regulation that have persisted despite growing adoption across the country.
However, the bill faces a lengthy approval process before becoming law. Currently at a 25% progression rate according to Legiscan, it must pass through one chamber and two additional committees after its referral to the Committee on Financial Institutions before potential enactment.
