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A string of cryptocurrency-related companies has filed for
bankruptcy of late, including the highly publicized FTX.
State Rep. Mark Walker, D-Arlington Heights, said House Bill 3479
creates the Uniform Money Transmission Modernization Act, which
requires exchanges and crypto businesses to obtain a license from
the Illinois Department of Financial and Professional Regulation.
“We can add stability to our entire banking system and put them in a
situation where they don’t have to be bailed out,” said Walker.
If businesses are approved for a digital asset license in Illinois,
the bill allows the state to access their books and pass along
relevant information to enforcement agencies.
Walker said the legislation also includes safeguards to help prevent
fraudsters from taking advantage of Illinoisans.
“Offering returns and offering guarantees that are not actually
available, and there have been significant losses in the United
States and in Illinois to these scammers,” said Walker.
If businesses are approved for a digital asset license in Illinois,
the bill allows the state to access their books and pass along
relevant information to enforcement agencies.
State Rep. Martin McLaughlin, R-Barrington Hills, said adding any
kind of transaction tax to the measure would be a mistake.
“If the governor is listening, I am joining you on this one,” said
McLaughlin. “It's a bad idea for financial transaction taxes in Cook
County to drive out even more businesses from Illinois.”
The measure passed the House by a 90-21 vote.
Kevin Bessler reports on statewide issues in Illinois
for the Center Square. He has over 30 years of experience in radio
news reporting throughout the Midwest.
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