Wisconsin legislators move to give cryptocurrency a more friendly house in the state, with a new bill that could reduce certain limits for businesses and people working in the sector.
Bill 471 of the Assembly, presented by republican members of the Wisconsin Assembly and referred to the Commission of Financial Institutions, aims to protect certain digital asset activities from the monetary issuer license requirements.
In case of success, the bill would facilitate crypto payments, the creation of blockchain software, execute it for mining platforms or even stakes, without having to secure a state license.
Wisconsin Republicans offer protections
The bill exempts a range of activities linked to cryptocurrencies, such as mining, intention and exchanges of digital asset assets, when no conversion in legal progress occurs, from license requirements.
In addition, the legislation introduces an exemption from securities for third-party suppliers offering technical services, as long as all the awards distributed are strictly those generated by the Blockchain network itself.
This measure should make Wisconsin a more attractive jurisdiction for cryptographic entrepreneurs in a country that has adopted a pro-Crypto position since President Donald Trump’s return to the White House.
The regulatory landscape is divided
The push for AB471 Comes then that Wisconsin legislators remain divided on how to manage the problems linked to cryptography. While republican legislators are more pro-Crypto and champions of advanced proposals that increase the penetration and crypto-activity of the state, the Democrats have adopted a more defensive approach.
The Democrats of the State legislature have tabled bills requiring more strict surveillance of the cryptocurrency kiosks, citing their role in the facilitation of the scams targeting the elderly.
A bill tabled in July at the Assembly by the Democrats of the Chamber of State wishes to mandate all the virtual currency kiosks operating in the state to have a banking license division. He also wishes to mandate kiosks to project warning warnings from fraud and KYC performance completed by kiosk operators.
In addition, the invoice caps daily transactions per customer at $ 1,000. The bill has been tabled In the State Senate by the Democrats in August and was referred to the Committee of Financial Institutions and Sports Heritage.
The two approaches to the State legislators highlight the tension between the promotion of innovation and the fight against the risks of consumer protection.
Critics, however, warn that these exemptions could open the door to the abuse and complicate coordination with federal regulators such as the financial crimes Network (Fincen) and the Securities and Exchange Commission (SEC).
Wisconsin is not the first state to pursue user -friendly legislation, but the extent of its proposed exemptions distinguishes it. States such as Wyoming and Texas have adopted laws on the clarity of the custody of digital assets, the mining and the emission of tokens, many states with invoices related to cryptography waiting to go to the higher level.
If AB471 passes, Wisconsin could position itself alongside Wyoming as one of the most permissive environments for Bitcoin companies in the United States. Market players claim that this could attract companies involved in the development, the operation of nodes and the development of software.
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