Madison – Today, State Representative Adam Neylon (R-Pewaukee) introduced bipartisan legislation to clearly define key terms and establish legal protections for individuals and businesses operating in the crypto space.
This legislation, known as the Crypto Clarity and Innovation Act, creates legal clarity by defining terms related to cryptocurrency and blockchain, protects freedom to use digital assets, encourages innovation by allowing individuals and businesses to develop blockchain-based software and participate in staking on blockchain networks, and empowers individuals to securely manage their own digital assets. With the introduction of this bill, the Representative issued the following statement:
“The Crypto Clarity and Innovation Act will keep people who hold crypto and use it as an investment or as part of their business model from leaving the state. This is an opportunity for Wisconsin to embrace the digital future and to position it alongside other states that are providing certainty to businesses and individuals who hold crypto.
“By allowing crypto owners to participate in staking, which is the process of locking up crypto currency to help validate transactions, we allow these companies to ensure their network is secure as well as to earn rewards, much like a stock dividend. Wisconsin is currently one of only 4 states that don’t allow this. Staking rewards are taxable income that Wisconsinites are losing out on, to the tune of millions of dollars each year. It’s time we address this outdated regulation.
“This bill fixes this problem but it’s about more than crypto: it’s about modernizing Wisconsin’s digital infrastructure and strengthening our economy. It also protects individual freedom. Without it, we risk falling behind in the $2+ trillion global crypto economy. Let’s keep Wisconsin competitive.”
