Several federal and state government entities, as of late, have worked hard to better understand the crypto industry and implement appropriate regulation to ensure safety amongst traders, though not all these attempts have been successful, and in Illinois, a new crypto bill has come to a dead standstill and is now facing the possibility of being vetoed later in the year. New Illinois Crypto Bill Appears to Be Stuck in the Mud Known as House Bill 3479, the document has garnered support from several republican members of the state House of Representatives. However, for some reason, the bill has never made it to the Senate despite being introduced last April. Several backers of the bill say it’s likely to be workshopped over the summer months, though there’s still
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Several federal and state government entities, as of late, have worked hard to better understand the crypto industry and implement appropriate regulation to ensure safety amongst traders, though not all these attempts have been successful, and in Illinois, a new crypto bill has come to a dead standstill and is now facing the possibility of being vetoed later in the year.
New Illinois Crypto Bill Appears to Be Stuck in the Mud
Known as House Bill 3479, the document has garnered support from several republican members of the state House of Representatives. However, for some reason, the bill has never made it to the Senate despite being introduced last April. Several backers of the bill say it’s likely to be workshopped over the summer months, though there’s still a good chance the bill could be vetoed this coming October.
One of the congressmen supporting the bill is Mark Walker, a democrat from the Illinois city of Arlington Heights. He commented that the bill has already been worked on over a two-year period, and that the many bankruptcies and crypto fraud witnessed in 2022 really gave it the boost it needed. He says:
If we can get stability within these products and these companies, we can add stability to our entire banking system and put them in a situation where they don’t have to be bailed out.
Senator Laura Ellman – a democrat of Naperville – is working hard to get the bill the attention it needs in the Senate, as right now, it hasn’t been fleshed out enough for her constituents to give it appropriate attention. She stated:
They have proper accounting, proper reporting and safeguard to the people who have confidence in giving their money in exchange for cryptocurrency.
The bill is not getting positive accolades from everyone. Global DCA CEO Gabriella Kusz says that while she’s in full support of regulating digital currency in the United States, she’s against the bill as it’s allegedly too “broad,” and doesn’t get specific enough with certain areas of the industry to guarantee safe trading environments for everyone. She mentioned:
I think what it is on the pathway to creating a sound, legal, and regulatory environment, but there’s still a lot of work to be done.
Keeping Traders Safe
Illinois Secretary of State Alexi Giannoulias said that the current lawsuit the Securities and Exchange Commission (SEC) has against Coinbase should be a primary reason to support crypto regulation in Illinois and throughout the nation. Alexi commented:
This action will protect consumers and investors to ensure they can make informed and safe decisions in Illinois and across the nation. Illinoisans who invest their money in Coinbase or any other digital asset trading business deserve both security and transparency, and my office intends to hold crypto companies to the highest standards.