Pair of Illinois bills seek to protect residents from cryptocurrency fraud

CHICAGO – The Illinois Department of Financial and Professional Regulation announced the Consumer Financial Protection and Innovation Package, a pair of legislative bills designed to protect residents from financial fraud and establish oversight of cryptocurrencies and digital assets. The Fintech-Digital Asset Bill establishes regulations for digital asset businesses, while the Consumer Financial Protection Bill empowers the IDFPR to enforce those regulations. Like regulation in place in other states, the Fintech-Digital Asset Bill requires asset exchanges and other digital businesses to obtain a license to operate in Illinois.
“States occupy a core role in overseeing the financial marketplace and Illinois stands ready to usher in the future of consumer financial protection,” said IDFPR Secretary Mario Treto, Jr.