Illinois Senate passes crypto bill to fight fraud and rug pulls

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. Under the legislation, any entity engaging in digital asset business with Illinois residents must be registered with the state’s financial regulator source: https://cointelegraph.com/news/illinois-senate-crypto-consumer-protection-act?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound