SPRINGFIELD, Ill. (WAND) — Illinois currently lacks a clear regulatory system for digital asset businesses, but two bills on Gov. JB Pritzker's desk could help protect consumers across the state.
All cryptocurrency operators could soon be required to register with the Illinois Department of Financial and Professional Regulation. One proposal could set transaction limits, a maximum withdrawal fee and create a live customer service portal.
The other legislation would require operators to be transparent about the risks involved with their products, services and virtual currency by providing disclosures to customers. It also calls for crypto operators to provide a toll-free customer service line, establish anti-scam policies and have consumer protection officers enforcing the law.
"This has been a very highly negotiated bill with the industry, consumer advocates and with the agency," said Sen. Laura Ellman (D-Naperville).
Operators would have to refund fraudulent transactions for new customers and refund existing customers for the full amount of their transaction fees.
Yet, most Republicans oppose both bills as they believe Illinois should follow regulations created by other states.
"Coinbase is, as far as I know, still in opposition to this bill," said Sen. Steve McClure (R-Springfield). "As far as this moment, are they the only opponent, and are they still opposed?"
Democrats said Coinbase is a great actor in the industry, but the company was always going to oppose regulations at the state level. Sen. Mark Walker (D-Arlington Heights) noted that Coinbase only supported federal regulation.
Ellman said Illinois will take a responsible step forward by putting consumer protection first.
Both proposals passed out of the House and Senate along mostly partisan lines. A small group of Republicans joined Democrats in voting in favor of the bills.
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