Wisconsin lawmakers are pushing for a major step toward becoming a more crypto-friendly state with the introduction of Assembly Bill 471. This new proposal seeks to exempt certain cryptocurrency activities from state money transmitter licensing requirements, aiming to create a more welcoming environment for blockchain innovation.
What Does Assembly Bill 471 Propose?
Backed by nine Republican lawmakers and one Democrat, the bill proposes that individuals and businesses involved in various blockchain-related operations—including crypto mining, staking, node operation, and peer-to-peer digital asset transfers—should not need a money transmitter license.
The key condition? There must be no conversion of crypto to legal tender (such as U.S. dollars) involved in these activities.
In simpler terms, if you’re dealing strictly in digital assets without converting them into traditional money, you won’t need to go through the complex process of securing a state license. This would be a significant change from the current rules, which require companies like MoonPay to obtain such licenses in order to legally operate in Wisconsin.
A Step Toward Blockchain Growth in Wisconsin
The bill goes even further by protecting the rights of residents to accept crypto payments for legal goods and services and to use self-hosted digital wallets without interference from any state agency. This ensures that individuals maintain control over their digital assets, a key principle in the crypto world.
If passed, Assembly Bill 471 could lower regulatory barriers, making it easier for startups and established businesses alike to operate in the crypto space. The legislation is currently under committee review, and if it moves forward, Wisconsin could soon position itself as a leading state for blockchain adoption in the U.S.
This development reflects a broader trend in the United States, where states are beginning to craft clearer, more favorable rules for crypto and blockchain technologies. For Wisconsin, passing this bill could be a strategic move to attract tech innovation and economic growth.
