A new legislative proposal in Wisconsin could change how digital asset businesses and individuals are regulated.
If passed, the bill would remove the requirement for certain participants in the crypto industry to obtain money transmitter licenses from the state.
The bill, named Assembly Bill 471, outlines a number of activities that would no longer fall under state licensing rules. These include mining cryptocurrencies, staking tokens on blockchain networks, and creating software for blockchain systems.
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According to the proposal, none of these would require a license from the Wisconsin Department of Financial Institutions (DFI).
In addition, the bill would make it clear that exchanging digital assets does not need a license either, provided the trades do not involve changing the crypto into government-issued money or placing the value into a bank account.
The legislation also aims to prevent government entities, whether at the state or local level, from interfering with how people use digital assets. One section states that individuals must be allowed to use cryptocurrencies to pay for legal goods and services.
It also affirms the right to hold assets using private wallets, whether software-based or hardware-based.
Furthermore, the proposal lists several technical activities that would be protected under the law. These include running blockchain nodes, transferring cryptocurrency to others using blockchain systems, and participating in staking to secure the network or earn rewards.
On September 18, Michigan’s House Bill 4087 had its second reading and was referred to the Committee on Government Operations for further review. What does it include? Read the full story.
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