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MADISON, Wis. — Republican lawmakers on Wednesday introduced a bill to clarify cryptocurrency laws in Wisconsin.
The bill would allow crypto investors to access their benefits through “staking.”
“Staking” is a process where investors can earn rewards on crypto.
Crypto advocates said Wisconsin is one of four states denying investors from getting those benefits, which has led to $4 million in missed rewards.
“That’s $4 million of money that was directly taken out of people’s pockets; that’s $4 million of taxable income that could’ve gone to the state and didn’t,” said U.S. Policy Director of Coinbase Robin Cook.
According to Coinbase, 16% of Wisconsinites own some form of cryptocurrency.
The Republican author of the bill, Rep. Adam Neylon, R-Pewaukee, said he’s optimistic it will make it through the Assembly in the next two weeks.
“States that adopted clear rules years ago have seen greater participation, stronger economic activity, and no widespread problems. Wisconsin shouldn’t be the last state stuck in the past while everyone else moves forward,” Neylon said.