MADISON (WKOW) — Wisconsin cryptocurrency advocates are looking to cut through red tape with a new bill introduced on Wednesday.
Current law restricts people in our state from taking part in proof-of-stake networks.
Advocates say other states don’t have that restriction, so they’re supporting a bill they say will update state law to make Wisconsin competitive again and create clear, predictable rules.
Wisconsin is one of just four states that has defined staking as a security, creating significant regulatory hurdles for staking platforms. Because of these restrictions, Wisconsinites have already missed out on more than $4 million in staking earnings — a number that continues to grow every day.
“The bill is needed right now because it affects economic competitiveness and talent retention. Other states have already acted when Wisconsin doesn’t provide clarity capital and innovation don’t wait. They leave,” said Representative Adam Neylon (R-Peawaukee).
Advocates of the bill say staking is a safe and secure wat for people to earn income, similar to interest on a savings account.