- Wisconsin lawmakers propose a bill to exempt individuals and businesses from money transmitter licenses for crypto activities.
- The bill covers mining, staking, software development, and certain asset exchanges that do not convert to cash.
- No state agency or political body could block the use or custody of digital assets as payment under the new rules.
- The bill, known as Assembly Bill 471, has been referred to the Committee on Financial Institutions.
- The proposal has reached 25% of its legislative process and still needs approval from both chambers and additional committees.
Lawmakers in Wisconsin have introduced a new bill on Monday that would allow individuals and businesses to take part in activities related to digital assets without needing a money transmitter license. The draft legislation, known as Assembly Bill 471, outlines specific exemptions for those who mine, stake, or develop blockchain technology in the state.
According to the Wisconsin Legislative Reference Bureau, the bill would remove the licensing requirement from the Department of Financial Institutions when people or companies are involved in crypto-related work. The exemptions include mining, staking, blockchain software development, and digital asset exchanges—as long as these exchanges do not involve trading crypto for U.S. dollars or making bank deposits.
The document states, “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.” It also allows state residents to operate blockchain nodes, develop blockchain applications, transfer assets within blockchain networks, and participate in staking services.
Supported by seven Republican members in the Wisconsin House and two Republican Senate co-sponsors, the bill has been referred to the Committee on Financial Institutions. According to tracking site Bitcoin Laws and Legiscan, the legislation currently sits at a 25% progression rate. This means that it still must pass through one chamber and two committees before moving forward.
The proposal is part of a broader move to define the legal status of cryptocurrency activities at the state level. Clear regulations for digital assets remain an ongoing issue throughout the United States as adoption increases.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Dormant Bitcoin Whale Moves $44M After 12 Years, Spooking Market
- Nvidia Stock Jumps as $100B OpenAI Investment Talks Fuel Optimism
- Turkey Plans Law Allowing Watchdog to Freeze Crypto Accounts
- Intel Stock Surges as Apple, Nvidia Talks Fuel Bullish Analyst Targets
- Saylor’s MSTR Dilutes 3.2M Shares to Buy $1.1B Bitcoin, Lags BTC
