To avoid cryptocurrency failures and related scams, the Illinois House passed a bill to regulate the industry. A string of cryptocurrency-related companies has filed for bankruptcy of late, including the highly publicized FTX. State Representative Mark Walker says House Bill 3479 creates the Uniform Money Transmission Modernization Act.
State Representative Martin McLaughlin says adding any kind of transaction tax to the measure would be a mistake.
The bill also outlines new risk protection and disclosure requirements for companies engaging with crypto. The measure passed and is headed to the Senate.
Story from Illinois Radio Network
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