A bill from Dem lawmakers would create an innovation program for financial services and a related pilot project, aimed at supporting Wisconsin entrepreneurs and businesses exploring cryptocurrency applications.
That’s according to Sen. Dora Drake, D-Milwaukee, who spoke during last week’s WI Digital Policy Forum at the Milwaukee County Historical Society. The Wisconsin Innovation Network legislation, or WIN bill, is from Drake and Rep. Russell Goodwin, D-Milwaukee.
Drake said provision of the bill would help educate the public about cryptocurrency and other related software applications, while also creating a regulatory framework for companies looking to leverage the technology.
She argued this approach would “ensure that any entrepreneur that is interested in building a business” in the financial technology industry will get the support they need to do so. Drake said she wants to send a signal that “we welcome innovation here” as crypto applications become more widespread.
“I would hate for Wisconsin to miss out on that opportunity,” she said.
Also during last week’s event, Sen. Patrick Testin, R-Stevens Point, said “there’s a lot of openness” to cryptocurrency among Wisconsin lawmakers. Still, he added many GOP lawmakers likely “aren’t as familiar” with the technology but added he’s “intrigued” by Drake’s proposal.
In discussing the progress of industrial innovation in Wisconsin, Testin referenced the multiple new data centers being planned at sites across the state.
“It’s industries like these where, again, we need to be open-minded to be on the forefront,” he said. “Have the guardrails in place … but also not have it so restrictive that it strangles this industry.”
Drake said she spoke with officials with the state Department of Financial Institutions while crafting the bill, noting the importance of keeping consumer protections in place while allowing for greater innovation.
Under the bill, DFI would be required to create a financial services innovation program that allows for the temporary testing of “innovative financial products or services” in the Wisconsin market without getting a license or other authorization that would normally be required. The bill includes various restrictions on these test runs.
It would also require the agency to conduct a test pilot to educate the public about cryptocurrency, help Wisconsin businesses implement cryptocurrency as an “accepted method of payment,” support entrepreneurs in this field and award grants for each of these priorities.
See more details on the legislation here.
