The Illinois State Senate is currently reviewing SB 1797
- Daniel Parker
- Apr 9
- 2 min read
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-Urge your senator to stand with crypto and vote NO on SB 1797.
Illinois Senate Bill 1797 -Creates the Digital Assets and Consumer Protection Act. Provides that the Department of Financial and Professional Regulation shall regulate digital asset business activity in the State. Sets forth provisions concerning: applicability; the powers and duties of the Department; funds; customer protections; custody and protection of customer assets; covered exchanges; compliance; registration; supervision; records; additional procedural provisions; confidentiality; violations; enforcement; rulemaking authority; and severability. -Creates the Special Purpose Trust Company Article in the Corporate Fiduciary Act. Sets forth provisions concerning certificates of authority; rulemaking and organization; certificates of authority for foreign corporate fiduciaries; eligibility; fees; and certificates of reciprocity. Makes other changes to various Acts. Effective immediately. Summary
The Illinois State Senate is currently reviewing SB 1797, a bill that could hinder innovation and place excessive regulations on legitimate digital asset companies. -This legislation would create redundant compliance requirements for businesses that are already regulated at the federal level. While the intent may be to curb bad actors, the outcome could drive credible blockchain companies to relocate to states with more practical and supportive regulatory environments.
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Help ensure Illinois remains a leader in blockchain and digital innovation! <------Click Here to send a letter to your (Ill) Senator and urge them to vote No!
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