Illinois Proposes Stricter Rules For Crypto Industry
- The Illinois Senate votes to send SB1797 to tighten crypto company rules and punish fraud.
- SB1797 allows IDFPR to regulate and to punish noncompliant crypto businesses.
- HB1844, which aims to create a reserve of Bitcoins controlled by the state, is passed by Illinois that allows donations to be held for five years.
The Illinois Senate moved a bill forward that aims to regulate all cryptocurrency businesses within the state and stop digital asset fraud that is rising across the state. Senate Executive Committee approved the law on Thursday as a defense measure against cryptocurrency scams that stole $163 million from Illinois residents in 2023.
State Senator Mark Walker introduced SB 1797, or the Digital Assets and…
