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SB 1797 - Establishes Regulations to Reduce Cryptocurrency Fraud - Illinois Key Vote

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Title: Establishes Regulations to Reduce Cryptocurrency Fraud

Signed by Governor JB Pritzker


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Title: Establishes Regulations to Reduce Cryptocurrency Fraud

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that establishes various regulations to reduce cryptocurrency fraud in Illinois.

Highlights:

  • Establishes various regulations to reduce cryptocurrency fraud in Illinois (Article 1-99, Sec. 1-90-25).

  • Amends and provides the Illinois Department of Financial and Professional Regulation authority to oversee digital asset business activity within the state (Article 1-99, Sec. 1-90-25).

  • Specifies that any entity engaging in digital asset business with Illinois residents must be registered with the state’s financial regulator (Article 1-99, Sec. 1-90-25).

  • Requires crypto service providers to offer advanced full disclosure of user fees (Article 1-99, Sec. 1-90-25).

  • Specifies that the provisions of this bill shall become effective immediately upon passage and approval by the Governor (Article 1-99, Sec. 99-99).

Full Bill Text

See How Your Politicians Voted

Title: Establishes Regulations to Reduce Cryptocurrency Fraud

Vote Smart's Synopsis:

Vote to amend and pass a bill that establishes various regulations to reduce cryptocurrency fraud in Illinois.

Highlights:

  • Establishes various regulations to reduce cryptocurrency fraud in Illinois (Article 1-99, Sec. 1-90-25).

  • Amends and provides the Illinois Department of Financial and Professional Regulation authority to oversee digital asset business activity within the state (Article 1-99, Sec. 1-90-25).

  • Specifies that any entity engaging in digital asset business with Illinois residents must be registered with the state’s financial regulator (Article 1-99, Sec. 1-90-25).

  • Requires crypto service providers to offer advanced full disclosure of user fees (Article 1-99, Sec. 1-90-25).

  • Specifies that the provisions of this bill shall become effective immediately upon passage and approval by the Governor (Article 1-99, Sec. 99-99).

Full Bill Text

See How Your Politicians Voted

Title: Establishes Regulations to Reduce Cryptocurrency Fraud

Vote Smart's Synopsis:

Vote to pass a bill that establishes various regulations to reduce cryptocurrency fraud in Illinois.

Highlights:

  • Establishes various regulations to reduce cryptocurrency fraud in Illinois (Article 1-99, Sec. 1-90-25).

  • Amends and provides the Illinois Department of Financial and Professional Regulation authority to oversee digital asset business activity within the state (Article 1-99, Sec. 1-90-25).

  • Specifies that any entity engaging in digital asset business with Illinois residents must be registered with the state’s financial regulator (Article 1-99, Sec. 1-90-25).

  • Requires crypto service providers to offer advanced full disclosure of user fees (Article 1-99, Sec. 1-90-25).

  • Specifies that the provisions of this bill shall become effective immediately upon passage and approval by the Governor (Article 1-99, Sec. 99-99).

Full Bill Text

Title: Establishes Regulations to Reduce Cryptocurrency Fraud

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