With millions lost to crypto fraud in Illinois, a new bill aims to tighten regulations in the digital asset space.
On Thursday, the Illinois Senate Executive Committee passed Senate Bill 1797, the Digital Assets and Consumer Protection Act, which seeks to regulate digital asset businesses within the state.
The bill, first introduced in February by State Sen. Mark Walker (D-Arlington Heights), aims to address the mounting problem of crypto fraud, which led to over $163 million in losses in Illinois alone in 2023, as per a Thursday statement.
“The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud, and deceptive practices,” Walker said, adding that, “We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors.”
The bill, which passed in an 8-4 vote, now moves to the full Senate for consideration. If approved, it will proceed to the House of Representatives for further deliberation before being sent to Governor J.B. Pritzker for final approval.
The legislation designates the Illinois Department of Financial and Professional Regu...
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