Senate Bill 951 establishes the Office of Financial Technology Innovation within the Department of Financial Institutions (DFI) in Wisconsin, aimed at fostering responsible financial innovation. The office will assist residents in launching or expanding businesses that offer innovative financial products, which are defined as those incorporating new or emerging technology. It will provide guidance on regulatory processes, help secure necessary licenses, and coordinate regulatory activities across different DFI divisions. Additionally, the office is tasked with conducting research on emerging financial technologies and may recommend rule changes to promote the growth of innovative financial products. A significant feature of the bill is the provision for waiving initial license fees for businesses offering such products upon the office's recommendation.

The bill also mandates DFI to implement a cryptocurrency pilot project that will run until July 1, 2030. This project includes public education on cryptocurrency, assistance for businesses in adopting cryptocurrency as a payment method, and support for entrepreneurs in establishing cryptocurrency-related ventures. The project will also involve awarding grants to facilitate these initiatives. The bill includes amendments to various statutes to incorporate the new office and its functions, as well as renumbering existing subchapters related to financial services. Overall, the legislation aims to enhance the regulatory framework for financial technology and cryptocurrency in Wisconsin.

Statutes affected:
Bill Text: 15.01(6), 15.01, 15.02(3)(c)1, 15.02, 186.235(7)(b)1m, 186.235, 220.02(2)(h), 220.02, 220.06(1m), 220.06, 551.608(1), 551.608