Committee advances file for city support of WIN bill

Today, Monday, June 16, the Judiciary and Legislation Committee recommended approval of file #250066 (Introduced by Alderman Mark Chambers, Jr.) – a resolution amending the City of Milwaukee’s State Legislative Package to express the city’s support for “The Wisconsin Innovation Network (WIN) Bill.”

The WIN Bill, authored by Senator Dora Drake and Representative Amaad Rivera-Wagner, seeks to create the Office of Financial Technology Innovation in the Department of Financial Institutions, and a cryptocurrency pilot project that includes grant awards.

“The rise of cryptocurrencies and other financial technologies has created a variety of opportunities, but also significant risks that investors and consumers should be well informed of,” said Alderman Chambers. “I want to thank Senator Drake and Representative Rivera-Wagner for crafting this legislation, and believe it will greatly help educate the larger public on the pros and cons of cryptocurrencies and similar technologies.”

The WIN Bill would create a regulatory framework for the use of cryptocurrencies within Wisconsin while prioritizing consumer protection, while also creating a pilot program aimed to provide the public with cryptocurrency education and to fund grant opportunities for crypto-entrepreneurs. The file will be before the full Common Council for adoption at its next meeting on Tuesday, June 24.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.