WI SB951

Creates the Office of Financial Technology Innovation within the Department of Financial Institutions to support responsible financial innovation by helping Wisconsin residents establish or expand businesses offering innovative financial products, including regulatory guidance and licensing assistance.

Establishes a cryptocurrency pilot project requiring DFI to educate the public on cryptocurrency, assist businesses in accepting cryptocurrency payments, and help entrepreneurs establish cryptocurrency-related businesses.

Appropriates $2,000,000 GPR annually for fiscal years 2025-26 and 2026-27 to fund the cryptocurrency pilot project, including grants to promote cryptocurrency adoption in business.

Authorizes fee waivers for initial license or approval fees for businesses seeking to offer innovative financial products upon recommendation of the new office.

Adds 12 total positions to DFI (5.0 GPR for the pilot project, 7.0 PR for the innovation office) with $700,000 annually in program revenue for the office; pilot project ends July 1, 2030.