Illinois State Senator Mark Walker has introduced the Digital Assets and Consumer Protection Act, aiming to regulate digital asset businesses amid a surge in crypto fraud that resulted in over $163 million in losses in the state in 2023. The bill passed in an 8-4 vote in the Senate Executive Committee and will move to the full Senate for further consideration. It mandates the Illinois Department of Financial and Professional Regulation (IDFPR) to oversee digital asset company operations. The legislation requires these companies to register, demonstrate financial stability, and implement safeguards for customer assets to prevent fraud. This initiative is part of broader efforts in Illinois to enhance consumer protection in the cryptocurrency sector, including a related act introduced by Senator Dick Durbin, addressing fraud associated with crypto ATMs. The Digital Assets and Consumer Protection Act seeks to establish credible standards within the evolving digital asset market, ensuring transparency and security for consumers.

Source 🔗