Mario Treto, Jr. Secretary at Illinois Department of Financial and Professional Regulation | Official website
Mario Treto, Jr. Secretary at Illinois Department of Financial and Professional Regulation | Official website
IDFPR Secretary Mario Treto, Jr. has issued a statement following the passage of two new pieces of legislation: the Digital Assets and Consumer Protection Act (SB1797) and the Virtual Currency Kiosk Consumer Protection Act (SB2319). These measures mark a significant step for Illinois in regulating digital assets.
“As financial services evolve, so must the safeguards that protect Illinois consumers. With the passage of SB1797 and SB2319, Illinois becomes the first Midwest state to enact comprehensive regulatory oversight for cryptocurrency and other digital assets.
SB1797 establishes robust customer protections in line with those already in place for traditional financial services, while also enabling IDFPR to register and supervise digital asset exchanges and other digital asset businesses.”
The new laws give the Illinois Department of Financial and Professional Regulation authority to oversee cryptocurrency exchanges and related businesses, setting standards similar to those applied to conventional financial institutions.
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