Two sweeping digital currency bills touted as a win for consumer protection has critics warning Illinois may be choking off innovation in one of the fastest-growing corners of the economy.
Supporters say the laws Governor J. B. Pritzker signed mark an important step in preventing fraud and building trust. Critics warn that the rules risk driving innovation and business out of the state. State Senator Sue Rezin said the two bills take very different approaches.
SB 1797 requires digital currency companies in Illinois to register with the state and follow rules to protect customers’ money. Senator Rezin was asked whether the law could create an unnecessary burden for small and mid-sized firms.
By contrast, SB 2319 focuses on “crypto ATMs” in gas stations and retail shops, imposing daily limits, disclosure rules and refund requirements, provisions Rezin said went too far.
Story from Illinois Radio Network
Comments