Senator Plummer: IL bill regulating cryptocurrency will put ‘brick on growth’

Illinois lawmakers are considering additional regulation for the cryptocurrency industry.

The Illinois House is set to debate legislation which the state Senate approved. Senate Bill 1797 provides that a state agency regulate digital asset business activity.

State Senator Jason Plummer said putting the Illinois Department of Financial and Professional Regulation in charge of licensing could slow the process for small businesses.

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The bill’s sponsor, state Senator Mark Walker said less than 25% of potential adult investors trust cryptocurrency businesses.

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Plummer said similar legislation crushed growth in New York’s crypto industry.

Story from Illinois Radio Network