Illinois Senate passes crypto bill to fight fraud and rug pulls

The bill aims to set regulatory standards for crypto firms operating in the state and curb "deceptive practices" associated with recent memecoin scams.

The Illinois Senate, by a vote of 39 to 17, passed a regulatory bill aimed at curbing cryptocurrency fraud and protecting investors from deceptive practices, including rug pulls and misleading fee structures.

On April 10, the chamber passed Senate Bill 1797 (SB1797), also known as the Digital Assets and Consumer Protection Act, which Senator Mark Walker introduced in February.

The bill gives the Illinois Department of Financial and Professional Regulation authority to oversee digital asset business activity within the state.

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