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EDUCATION | ADVOCACY | COLLABORATION

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Current Illinois Legislation

[PROPOSED] Strategic Bitcoin Reserve Act (HB1844)

Sponsors:

John M. Cabello - William E Hauter - Travis Weaver

Key Details:

  • Proposes the creation of a state-managed Bitcoin reserve fund
  • The Illinois State Treasurer would manage the fund
  • Allows acceptance of Bitcoin donations from residents and government entities
  • Mandates a minimum 5-year holding period for Bitcoin in the fund
  • Aims to use Bitcoin as a hedge against inflation and economic instability

Illinois General Assembly

HB1844

[PROPOSED] Digital Asset & Consumer Protection Act (SB1797)

Sponsor:

Mark L. Walker

Establishes a regulatory framework for digital asset business activity in Illinois, with the Department of Financial and Professional Regulation (DFPR) as the primary regulator.

Key Details:

  • Registration: Requires registration for individuals/entities engaging in digital asset business activities within the state or with Illinois residents.
  • Departmental Powers: Grants the Illinois Department of Financial and Professional Regulation (IDFPR) powers to supervise, examine, investigate, and enforce the provisions of the Act. This includes rulemaking authority.
  • Consumer Protection: Includes measures for customer protection and the safeguarding of customer assets.
  • Scope: Defines "digital assets" and "digital asset business activity." It outlines what is included and excluded (e.g., certain reward programs, in-game currencies, prepaid cards).
  • Exemptions: Specifies exemptions for certain entities and activities, including federally insured depository institutions, corporate fiduciaries, and merchants using digital assets solely for the purchase/sale of goods/services.
  • Special Purpose Trust Companies: Creates a Special Purpose Trust Company Article within the Corporate Fiduciary Act.

Illinois General Assembly

SB1797

Fintech-Digital Asset Bill (HB3483/SB2233)

Sponsors:

Mark L. Walker - Aarón M. Ortíz - Dagmara Avelar - Laura Ellman - Sue Rezin

Key Details:

  • Establishes regulations for digital asset businesses
  • Requires digital asset exchanges to obtain a license from Illinois Department of Financial and Professional Regulation (IDFPR) to operate in Illinois
  • Implements customer protections, including investment disclosures and asset safeguards
  • Replaces the Transmitters of Money Act with the Money Transmission Modernization Act
  • Allows for the creation of trust companies to safeguard customers' digital assets

Illinois General Assembly

HB3483/SB2233

Blockchain Business Development Act (HB0750/SB0711):

Sponsors:

Emanuel "Chris" Welch - Don Harmon

Key Details:

  • Recently amended (as of 2025) with technical changes to the short title
  • Aims to foster blockchain business development in Illinois

Illinois General Assembly

HB0750/SB0711

Fiduciary Access to Digital Assets Act (755 ILCS 70)

Key Details:

  • This law governs how digital assets are handled after a person's death
  • It allows individuals to designate a digital fiduciary in their estate planning documents

Illinois General Assembly

755 ILCS 70

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