The Illinois Senate passed Bill 1797, also known as the Digital Assets and Consumer Protection Act, with a vote of 39 to 17. This legislation is designed to establish regulatory guidelines for crypto firms and limit deceptive practices in the cryptocurrency industry.
Under the new law, the Illinois Department of Financial and Professional Regulation will oversee digital asset activities. Companies must register to operate in Illinois and disclose all user fees in advance, enhancing transparency and consumer protection.
Leave a Reply