As numerous cryptocurrency-related companies continue to fall by the wayside, the state of Illinois may step in and regulate the industry.
A string of cryptocurrency-related companies has filed for bankruptcy of late, including the highly publicized FTX.
State Rep. Mark Walker, D-Arlington Heights, said House Bill 3479 creates the Uniform Money Transmission Modernization Act, which requires exchanges and crypto businesses to obtain a license from the Illinois Department of Financial and Professional Regulation.
"We can add stability to our entire banking system and put them in a situation where they don't have to be bailed out," said Walker.
If businesses are approved for a digital asset license in Illinois, the bill allows the state to access their books and pass along relevant information to enforcement agencies.
Walker said the legislation also includes safeguards to help prevent fraudsters from taking advantage of Illinoisans.
"Offering returns and offering guarantees that are not actually available, and there have been significant losses in the United States and in Illinois to these scammers," said Walker.
If businesses are approved for a digital asset license in Illinois, the bill allows the state to access their books and pass along relevant information to enforcement agencies.
State Rep. Martin McLaughlin, R-Barrington Hills, said adding any kind of transaction tax to the measure would be a mistake.
"If the governor is listening, I am joining you on this one," said McLaughlin. "It's a bad idea for financial transaction taxes in Cook County to drive out even more businesses from Illinois."
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