Wisconsin Bill Aims to Boost Crypto Innovation
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Wisconsin lawmakers are advancing Assembly Bill 471, a significant proposal designed to exempt a broad spectrum of digital asset activities from money transmitter licensing requirements. This legislative “product” aims to foster a more permissive environment for cryptocurrency technologies and their users within the state. Key features of the bill include explicit exemptions for technical operations such as mining, staking, and operating blockchain nodes, which are fundamental to the decentralized nature of cryptocurrencies. Furthermore, developers engaged in creating blockchain software or tools would also be free from these licensing burdens.
The bill's scope extends to individual users, allowing them to maintain custody of their digital assets in hardware or self-hosted wallets without state interference. A crucial technical provision prevents local governments from banning direct digital asset payments for lawful goods or services, provided the transaction doesn't involve conversion to US dollars or traditional bank deposits. This distinction is vital, as it maintains existing regulatory oversight for fiat conversions and bank-tied custodial services.
The primary benefits of AB 471 are to position Wisconsin as a hub for blockchain innovation, attracting developers and firms seeking fewer regulatory obstacles. It also aims to protect mainstream users who engage in basic crypto activities like node operation, staking, or self-custody. While AB 471 seeks to deregulate, another measure, Senate Bill 386, moves in the opposite direction by requiring licenses for virtual currency kiosks, highlighting a nuanced regulatory approach that balances innovation with consumer protection. The target audience for AB 471 includes blockchain developers, crypto firms, miners, stakers, and individual cryptocurrency users.
(Source: https://bitcoinist.com/no-license-no-problem-wisconsin-bill-aims-to-ease-crypto-rules/)
