The post Illinois Advances New Crypto Bill To Tighten Regulations appeared on BitcoinEthereumNews.com.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Illinois Senate has advanced a bill to establish comprehensive regulations for crypto businesses operating in the state and address concerns about digital assets-related fraud cases, which saw over $160 million in losses in 2023. Illinois Advances Crypto Consumer Protection Bill On Thursday, Illinois’ Senate Executive Committee passed Senate Bill 1797 (SB1797), also known as the Digital Assets and Consumer Protection Act, introduced by State Senator Mark Walker in February. The bill, co-sponsored by State Senators Karina Villa, Rachel Ventura, and Mike Porfirio, aims to “crackdown on more than $163 million lost to cryptocurrency fraud in Illinois in 2023” by tightening the state’s regulations. Digital Assets and Consumer Protection Act, introduced by Sen. Walker. Source: Illinois General Assembly If passed, SB1797 would enable the Illinois Department of Financial and Professional Regulation (IDFPR) to oversee the guidelines that crypto companies must adhere to, making it the primary regulatory agency in the state. “The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud, and deceptive practices,” the Democratic Senator stated, “We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors.” Bitcoin Laws explains that “the legislation aims to provide consumer safeguards while promoting responsible innovation in the digital asset space, with a phased implementation approach allowing businesses until January 2027 to fully comply with all provisions. The bill grants the Department significant oversight and enforcement powers, including the ability to investigate, levy fines, and take action against non-compliant businesses.” Under the proposed legislation, the IDFPR could adopt rules to protect consumer assets and investors. Moreover, crypto companies must register with the IDFPR, provide disclosures, and prove they can satisfy payouts. Another provision requires…

---

Filed under: News - @ April 5, 2025 2:24 pm