Walker measure prioritizing digital consumer protection one step closer to law

SPRINGFIELD - According to a recent Pew Research poll, 63% of adult Americans have little to no confidence in the reliability and safety of crypto. Stronger consumer protections and greater consumer trust for those using digital coin are one step closer to becoming reality in Illinois thanks to State Senator Mark Walker.

"Illinois consumers need a safe environment to feel confident in engaging in this new digital market," said Walker (D-Arlington Heights). "This legislation would build the bridge to promote trust between digital currency companies and consumers."

House Bill 742 - identical to Walker's Senate Bill 1797 introduced this session - outlines what requirements digital asset companies must have to operate in Illinois. Also known as the Digital Assets and Consumer Protection Act, House Bill 742 would create requirements for consumer disclosures, proof of financial fitness and procedures for digital coin companies that create a safe digital environment.

House Bill 742 passed the Senate Executive Committee on Wednesday.

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