Springfield, IL – At a House Financial Institutions Committee meeting yesterday, Amendment 2 to HB 742 was passed on a partisan basis (8-4). The legislation will now move to the House Floor for further consideration.
HB 742 creates the Digital Assets and Consumer Protection Act and would enact strict regulation and supervision of the Digital Asset and Crypto industries in Illinois. House Republican members of the committee all opposed the bill and the new amendment, citing continued government overreach and political motivations.
“This legislation represents more of an attack on the industry than an attempt to regulate it,” explained State Representative Dan Ugaste (R-Geneva). “This goes a lot further than just examining someone’s books. It’s obvious that this is a politically-motivated move by the Governor and is directed at the current administration in Washington. Cryptocurrency and this type of industry should be regulated at the federal level to avoid a patchwork of 50 different laws. This type of overreach, which we have seen time and again from Democrats, can stifle innovation and drive businesses away from our state.”
