Kane County Reporter

Amendment 2 to House Bill 742 has advanced in the legislative process, receiving an 8-4 vote along party lines in favor of moving the bill to the House floor. The bill, known as the Digital Assets and Consumer Protection Act, aims to impose stringent regulation and oversight on the digital asset and cryptocurrency industries within Illinois.

Republican members of the House Financial Institutions Committee expressed their opposition to both the bill and the amendment, arguing that the measures represent excessive governmental intrusion and are motivated by political concerns.

"This legislation represents more of an attack on the industry than an attempt to regulate it," stated State Representative Dan Ugaste from Geneva. He criticized the bill for going beyond financial scrutiny, suggesting it as part of a political strategy by the Governor aimed at the federal administration. Ugaste argued for federal regulation of cryptocurrencies to prevent inconsistencies across states and warned that such regulatory approaches could hinder innovation and drive businesses away from Illinois.