Wisconsin is considering a new law that could significantly reshape the regulatory landscape for both digital currency businesses and individual crypto users.
If enacted, the proposed legislation would eliminate the necessity for certain crypto industry participants to secure money transmitter authorizations from the state government.
Known as Assembly Bill 471, the draft law specifies a variety of operations that would be exempt from existing state regulations. These include activities such as cryptocurrency mining, token staking on blockchain platforms, and the development of blockchain-related software applications.
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The law specifies that these activities would not necessitate permission from Wisconsin’s Department of Financial Institutions (DFI).
Furthermore, the proposed legislation would clarify that digital asset exchanges do not require licensing as long as the transactions do not involve converting the cryptocurrency into fiat currency (government-issued money) or depositing its value into a conventional financial institution.
This legislation also intends to prevent governmental overreach at the state or local level, regarding the use of digital currencies. One section explicitly states that people have the right to pay for any lawful product or service with digital assets.
It also upholds the individual’s right to manage and store assets using private wallets, whether in software or on physical devices.
Additionally, the draft protects a range of technical activities under the proposed law, including operating blockchain nodes, sending cryptocurrency through blockchain networks, and engaging in staking to support network security or receive rewards.
Meanwhile, in Michigan, House Bill 4087 underwent a second reading on September 18 and was referred to the Committee on Government Operations for additional evaluation. What are the details? Get the complete details here.