Wisconsin Statutes, Chapter 134, 134.15 “Issuing and using what is not money; contracts void. (1)Any person who shall knowingly issue, pay out or pass, and any body corporate, or any officer, stock holder, director or agent thereof who shall issue, pay out or pass, or receive in this state as money or as an equivalent of money, any promissory note, draft, order, bill of exchange, certificate of deposit or other paper of any form whatever in the similitude of bank paper, circulating as money or banking currency, that is not at the time of such issuing, paying out, passing or receiving expressly authorized by some positive law of the United States or of some state of the United States or of any other country, and redeemable in lawful money of the United States, or current gold or silver coin at the place where it purports to have been issued, such
person shall be punished by imprisonment in the county jail not more than six months or by fine not exceeding $100, and such body corporate shall forfeit all its rights, privileges and franchises and shall also forfeit to the state and pay for each offense the sum of $500.
All contracts of any kind whatever the consideration of which, in whole or in part, shall consist of any such paper as is prohibited in sub.(1) and all payments made in such unauthorized paper shall be null and void.”
This COULD mean that derivatives and securitization might fall under what Wisconsin considers to be illegal practices.