Illinois lawmakers are considering additional regulations on the cryptocurrency industry.
The Illinois House is set to debate legislation that the state Senate already approved. Senate Bill 1797 provides that the Illinois Department of Financial and Professional Regulation regulate digital asset business activity.
State Sen. Mark Walker, D-Arlington Heights, said his approach is to use IDFPR’s capabilities in the area of financial institutions.
“They know how to build anti-fraud programs, money-laundering programs, identity protection programs, security programs and use that expertise to build into this industry,” Walker said.
The chief House sponsor of the bill is state Rep. Edgar González, Jr., D-Chicago. The measure is now in the House Financial Institutions and Licensing Committee.
