Read the full stored bill text
Wisconsin Legislature: SB951: Bill Text
Skip navigation
Home
Documents
Senate
Assembly
Committees
Service Agencies
Docs
Options
Help
2025 Biennium
Statutes
Admin. Rules
Indices
Miscellaneous
Archives
Home
Bill, Rule, and Appointment Histories
Senators
Representatives
Committees
Text of Introduced Proposals
Amendment Text
Acts
Veto Messages
Enrolled Bills
Votes
Assembly and Senate Floor Calendars
Schedule of Committee Activities
Assembly and Senate Journals
Committee Records (ROCPs)
Legislative Rules
All Session-Related Documents
Subject Index to Acts
Subject Index to Legislation
Subject Index to Journals
Author Index to Legislation
Subject Index to Clearinghouse Rules
Miscellaneous Budget Documents
Executive Orders
Rulings of the Chair
Wisconsin Supreme Court Rules
Opinions of the Attorney General
Town Law Forms
Law
Districts
Session
Drafting Files
Feeds
Preferences
Show tree
Hide tree
Feedback
Help
Home
Senate Home
Senators
Committees
Session
Chief Clerk
Sergeant at Arms
Civics Education
Human Resources
Assembly Home
Representatives
Committees
Session
Chief Clerk
Sergeant at Arms
Human Resources
Schedule
Joint
Senate
Assembly
Study
Legislative Audit Bureau
Legislative Council
Legislative Fiscal Bureau
Legislative Human Resources Office
Legislative Reference Bureau
Legislative Technology Services Bureau
Menu
»
2025
»
Related Documents
»
Proposal Text
»
SB951: Bill Text
Up
Up
2025 - 2026 LEGISLATURE
LRB-3562/1
ARG:wlj
2025 SENATE BILL 951
February 6, 2026 - Introduced by Senator
Drake
, cosponsored by Representative
Rivera-Wagner
. Referred to Committee on Utilities, Technology and Tourism.
SB951,1,7
1
An Act
to renumber
subchapter IV of chapter 224 [precedes 224.90];
to
2
amend
15.01 (6), 15.02 (3) (c) 1., 186.235 (7) (b) 1m., 220.02 (2) (h), 220.06
3
(1m) and 551.608 (1);
to create
15.185 (6), 20.144 (1) (c) and subchapter V of
4
chapter 224 [precedes 224.881] of the statutes;
relating to:
creating the Office
5
of Financial Technology Innovation in the Department of Financial
6
Institutions and a cryptocurrency pilot project, granting rule-making
7
authority, and making an appropriation.
Analysis by the Legislative Reference Bureau
This bill creates the Office of Financial Technology Innovation in the Department of Financial Institutions to support responsible financial innovation in Wisconsin. The bill also requires DFI to conduct a cryptocurrency pilot project that includes grant awards.
Under the bill, the office must assist Wisconsin residents in establishing or expanding businesses offering innovative financial products by 1) providing guidance in understanding and navigating the regulatory process applicable for the business; 2) assisting the business, to the extent practicable, in securing any required license and complying with operational requirements; and 3) coordinating regulatory activities among different DFI divisions or units to streamline the regulatory process and collaborating with other state agencies. However, the office must also consider any risk to the public or consumer protection concern that may be associated with the proposed innovative financial product. An “innovative financial product” is defined as a financial product or service that incorporates new or emerging technology, as applied to the product or service, and that is under DFI’s regulatory jurisdiction. The office may conduct research, and publish its findings, related to emerging financial technology or innovative financial products to identify opportunities and risks associated with the technology or product. The office may also recommend rule changes that would facilitate or promote the development or growth of innovative financial products in Wisconsin. The bill also allows the office to recommend, and requires DFI to grant upon such a recommendation, a waiver of the initial license fee for a business that seeks a DFI-issued license to offer an innovative financial product.
The bill also requires DFI to conduct a pilot project that includes 1) education of the public on cryptocurrency; 2) education and assistance for the state’s business community in implementing cryptocurrency as an accepted method of payment for goods and services; 3) assistance to the state’s entrepreneurs in establishing or growing cryptocurrency-related businesses; and 4) awarding grants to promote the purposes specified in items 1 to 3. This pilot project ends on July 1, 2030.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
SB951,1
1
Section
1
.
15.01 (6) of the statutes is amended to read:
SB951,3,4
2
15.01
(6)
“Division,” “bureau,” “section,” and “unit” means the subunits of a
3
department or an independent agency, whether specifically created by law or
4
created by the head of the department or the independent agency for the more
5
economic and efficient administration and operation of the programs assigned to
6
the department or independent agency. The office of credit unions
and the office of
7
financial technology innovation
in the department of financial institutions, the
8
office of the inspector general in the department of children and families, the office
9
of the inspector general in the department of health services, and the office of
10
children’s mental health in the department of health services have the meaning of
1
“division” under this subsection. The office of the long-term care ombudsman
2
under the board on aging and long-term care and the office of educational
3
accountability and the office of literacy in the department of public instruction have
4
the meaning of “bureau” under this subsection.
SB951,2
5
Section
2
.
15.02 (3) (c) 1. of the statutes is amended to read:
SB951,3,13
6
15.02
(3)
(c) 1. The principal subunit of the department is the “division”. Each
7
division shall be headed by an “administrator”. The office of credit unions
and the
8
office of financial technology innovation
in the department of financial institutions
9
and the office of children’s mental health in the department of health services have
10
the meaning of “division” and the director of credit unions in the department of
11
financial institutions and the director of the office of children’s mental health in the
12
department of health services have the meaning of “administrator” under this
13
subdivision.
SB951,3
14
Section
3
.
15.185 (6) of the statutes is created to read:
SB951,3,17
15
15.185
(6)
Office of financial technology innovation.
There is created
16
in the department of financial institutions an office of financial technology
17
innovation.
SB951,4
18
Section
4
.
20.005 (3) (schedule) of the statutes: at the appropriate place,
19
insert the following amounts for the purposes indicated:
-
See PDF for table
SB951,5
7
Section
5
.
20.144 (1) (c) of the statutes is created to read:
SB951,4,10
8
20.144
(1)
(c)
Supporting cryptocurrency in business.
As a continuing
9
appropriation, the amounts in the schedule for the pilot project under s. 224.886,
10
including the award of grants and administration of the pilot project.
SB951,6
11
Section
6
.
186.235 (7) (b) 1m. of the statutes is amended to read:
SB951,4,17
12
186.235
(7)
(b) 1m. Furnish any state regulatory authority regulating state
13
financial institutions
and the office of financial technology innovation
with a copy
14
of any examination made by the office of credit unions of any credit union or of any
15
report made by the credit union, if the authority
or office
agrees to treat the
16
information received under this subdivision with the same degree of confidentiality
17
that is required of employees of the office of credit unions under par. (a).
SB951,7
18
Section
7
.
220.02 (2) (h) of the statutes is amended to read:
SB951,4,20
19
220.02
(2)
(h) Nondepository small business lenders under subch.
IV
VI
of ch.
20
224.
SB951,8
21
Section
8
.
220.06 (1m) of the statutes is amended to read:
SB951,5,23
22
220.06
(1m)
No division employee may examine a bank or licensee in which
23
that person is interested as a stockholder, officer, or employee. No division
24
employee may examine a bank or licensee located in the same village, city, or county
1
with any bank or licensee in which that person is so interested. Employees in the
2
division, and each member and employee of the banking institutions review board,
3
shall keep secret all facts and information obtained in the course of examinations or
4
from reports not under s. 221.1002 (1) filed by a bank or licensee with the division,
5
except so far as the public duty of the person requires reporting upon or taking
6
special action regarding the affairs of any bank or licensee, and except when called
7
as a witness in any criminal proceeding or trial in a court of justice. The division
8
may furnish to the federal deposit insurance corporation, to a federal home loan
9
bank, to any regulatory authority for state or federal financial institutions,
10
insurance, or securities,
to the office of financial technology innovation,
or to any
11
organization the membership of which is made up of regulatory authorities for state
12
or federal financial institutions, insurance, or securities, a copy of any examination
13
made of any such bank or licensee or of any report made by such bank or licensee
14
and may give access to and disclose to the corporation, to any regulatory authority
15
for state or federal financial institutions, insurance, or securities,
to the office of
16
financial technology innovation,
or to any organization the membership of which is
17
made up of regulatory authorities for state or federal financial institutions,
18
insurance, or securities, any information possessed by the division, or to a federal
19
home loan bank any information created by the division, with reference to the
20
conditions or affairs of any such insured bank or licensee if the regulatory authority
21
or office
agrees to treat all information received with the same degree of
22
confidentiality as applies to reports of examination that are in the custody of the
23
division.
SB951,9
1
Section
9
.
Subchapter V of chapter 224 [precedes 224.881] of the statutes is
2
created to read:
SB951,6,3
3
CHAPTER 224
SB951,6,5
4
SUBCHAPTER V
5
FINANCIAL SERVICES INNOVATION
SB951,6,6
6
224.881
Definitions.
In this subchapter:
SB951,6,9
7
(1)
“Innovative financial product” means a financial product or service that
8
incorporates new or emerging technology, as applied to the product or service, and
9
that is under the department’s regulatory jurisdiction.
SB951,6,11
10
(2)
“Office” means the office of financial technology innovation in the
11
department.
SB951,6,15
12
224.882
Office duties. (1)
(a) The office shall support responsible financial
13
innovation in this state. The office shall assist residents of this state in establishing
14
or expanding businesses offering innovative financial products by doing all of the
15
following:
SB951,6,17
16
1. Providing guidance in understanding and navigating the regulatory
17
process applicable for the resident’s business.
SB951,6,20
18
2. Assisting the resident’s business, to the extent practicable, in securing any
19
required license or other approval and in complying with operational requirements
20
imposed under the law of this state.
SB951,6,23
21
3. Coordinating regulatory activities among different divisions or units of the
22
department to streamline the regulatory process and collaborating with other state
23
agencies having regulatory authority over the resident’s business.
SB951,7,2
24
(b) In performing its functions under par. (a), the office shall also consider any
1
risk to the public or consumer protection concern that may be associated with the
2
proposed innovative financial product.
SB951,7,5
3
(2)
The office may conduct research, and publish its findings, related to
4
emerging financial technology or innovative financial products to identify
5
opportunities and risks associated with the technology or product.
SB951,7,8
6
(3)
The office may recommend to the secretary of financial institutions
7
administrative rule changes that would facilitate or promote the development or
8
growth of innovative financial products in this state.
SB951,7,10
9
(4)
The office shall perform sufficient outreach to inform the public of the
10
services provided by the office.
SB951,7,13
11
224.883
Fee waivers.
Upon recommendation of the office, the department
12
shall grant a waiver of the initial license or approval fee for a business that seeks a
13
license or approval to offer an innovative financial product.
SB951,7,16
14
224.886
Pilot project supporting the adoption of cryptocurrency in
15
business.
(1)
The department shall conduct a pilot project that includes all of the
16
following:
SB951,7,17
17
(a) Education of the public on cryptocurrency.
SB951,7,20
18
(b) Education and assistance for the state’s business community in
19
implementing cryptocurrency as an accepted method of payment for goods and
20
services.
SB951,7,22
21
(c) Assistance to the state’s entrepreneurs in establishing or growing
22
cryptocurrency-related businesses.
SB951,8,2
23
(d) Awarding grants to promote the purposes specified in pars. (a) to (c). The
1
department shall promulgate rules related to the award of grants under this
2
paragraph.
SB951,8,4
3
(2)
The grants under sub. (1) (d) and all other activities of the department
4
under this section shall be funded from the appropriation under s. 20.144 (1) (c).
SB951,8,6
5
(3)
The pilot project under this section ends on July 1, 2030. No grant may be
6
awarded under sub. (1) (d) after June 30, 2030.
SB951,10
7
Section
10
.
Subchapter IV of chapter 224 [precedes 224.90] of the statutes is
8
renumbered subchapter VI of chapter 224 [precedes 224.90].
SB951,11
9
Section
11
.
551.608 (1) of the statutes is amended to read:
SB951,8,21
10
551.608
(1)
Objective of uniformity.
The administrator shall, in its
11
discretion, cooperate, coordinate, consult, and, subject to s. 551.607, share records
12
and information with the securities regulator of another state, Canada, a Canadian
13
province or territory, a foreign jurisdiction, the Securities and Exchange
14
Commission, the United States Department of Justice, the Commodity Futures
15
Trading Commission, the Federal Trade Commission, the Securities Investor
16
Protection Corporation, a self-regulatory organization, a national or international
17
organization of securities regulators, a federal or state banking or insurance
18
regulator,
the office of financial technology innovation,
and a governmental law
19
enforcement agency to effectuate greater uniformity in securities matters among
20
the federal government, self-regulatory organizations, states, and foreign
21
governments
and for the purpose specified in s. 224.882 (1) (a) 3
.
SB951,12
22
Section
12
. Nonstatutory provisions.
SB951,9,2
23
(
1
)
Cryptocurrency pilot project positions.
The authorized FTE
24
positions for the department of financial institutions are increased by 5.0 GPR
1
positions, to be funded from the appropriation under s. 20.144 (1) (c), for the pilot
2
project under s. 224.886.
Down
Down
/2025/related/proposals/sb951
true
proposaltext
/2025/related/proposals/sb951
proposaltext/2025/REG/SB951
proposaltext/2025/REG/SB951
section
true
Menu
»
2025
»
Related Documents
»
Proposal Text
»
SB951: Bill Text
×
Details for
PDF view
Link
(Permanent link)
Bookmark this location
View toggle
Go to top of document
Search in this chapter
Search in this section
Search in this agency
Search in this chapter group
Search in this chapter
Search in this section
Cross references for section
Acts affecting this section
References to this
1970 Statutes Annotations
Appellate Court Citations
Administrative Code Index
Reference lines
Clear highlighting