Close Menu
  • Latest News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Meme Coins
  • DeFi
  • Tech
    • Blockchain
    • Security and Privacy
  • Web 3
    • Web3 News
    • Gaming
  • Legal
    • Taxes & Regulation
    • Adoption
  • Analysis
  • Learn
    • Education
    • Wallets and Exchanges
  • Tools
    • Market Overview
    • Converter
What's Hot

Bitwise CIO calls Bitcoin ‘best horse in the race’ to explain accelerated corporate buys

June 12, 2025

Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

June 12, 2025

South Korean Police Officer Charged in $509k Crypto Fraud Probe

June 12, 2025
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • Disclosure
Facebook X (Twitter) Instagram
Buy Crypto NewsBuy Crypto News
  • Latest News
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. Meme Coins
    5. View All

    Bitdeer Mined 196 Bitcoin Worth Over $21 Million In May

    June 12, 2025

    Connecticut Passes Bill that Bans State from Bitcoin and Virtual Currency Investments 

    June 12, 2025

    Crypto Analyst Predicts ‘Really Epic’ Next Few Months for Bitcoin, Sees Vertical Phase Coming for BTC

    June 11, 2025

    Ether, Dogecoin Surge Higher Than Bitcoin on DeFi Optimism

    June 11, 2025

    Ethereum derivatives just flipped Bitcoin – Will ETH see a massive year-end rally?

    June 12, 2025

    Ethereum Staging A Repeat Of Bitcoin’s 2021 Cycle? Here’s The Target

    June 12, 2025

    BlackRock’s Bitcoin fund hits $70B faster than any ETF in history

    June 11, 2025

    Top 7 Reasons Why the Ethereum Price Rally is Coming Soon

    June 11, 2025

    Ethereum To $3,400? On-Chain Shows No Big Hurdles Ahead

    June 12, 2025

    Avalanche adoption surges 275% – Can it help AVAX break above $24?

    June 11, 2025

    Extended Crypto Cycle Ahead, Says Bitwise CIO as Bitcoin Hits $110K

    June 11, 2025

    Correction in One Surging Asset Could Trigger Rallies for Altcoin Markets, According to Analyst Michaël van de Poppe

    June 11, 2025

    Pepe, BMT, CAKE: Crypto Activity Heats Up

    March 18, 2025

    SHIB Burns Over Half a Billion Tokens, Price Surges Over 7%

    March 17, 2025

    DOGE Sees Massive User Growth: Active Addresses Up 400%

    March 15, 2025

    Shiba Inu (SHIB) Price Analysis: Bullish Hints, Bearish Trend

    March 15, 2025

    Bitwise CIO calls Bitcoin ‘best horse in the race’ to explain accelerated corporate buys

    June 12, 2025

    Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

    June 12, 2025

    South Korean Police Officer Charged in $509k Crypto Fraud Probe

    June 12, 2025

    Ethereum derivatives just flipped Bitcoin – Will ETH see a massive year-end rally?

    June 12, 2025
  • DeFi

    Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

    June 12, 2025

    Plasma raises $500 million, partners with Aave to transform stablecoin market

    June 12, 2025

    Solana memecoin rallies nearly 5,000% within hours despite rug pull allegations

    June 11, 2025

    Ethereum Foundation releases first 1TS outlining roadmap to tackle security challenges

    June 11, 2025

    Polygon’s Gupta says ‘stablecoins are no longer an experiment’

    June 11, 2025
  • Tech
    1. Blockchain
    2. Security and Privacy
    3. View All

    South Korean Police Officer Charged in $509k Crypto Fraud Probe

    June 12, 2025

    Tether CEO Makes Support Statement

    June 12, 2025

    Hong Kong’s e-HKD Program Enters Critical Phase – Here’s What It Means

    June 12, 2025

    Chainlink Solves the Biggest Problems in Blockchain—Here’s How

    June 11, 2025

    Coinbase data breach spills offline as victims get scam mail

    June 6, 2025

    Cryptojacking Campaign Targets DevOps Servers Including Nomad

    June 3, 2025

    Sophisticated Malware Campaign Targets Windows and Linux Systems

    June 2, 2025

    US Treasury sanctions Philippines tech firm over aiding $200 million pig butchering spree

    May 31, 2025

    Bitwise CIO calls Bitcoin ‘best horse in the race’ to explain accelerated corporate buys

    June 12, 2025

    Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

    June 12, 2025

    South Korean Police Officer Charged in $509k Crypto Fraud Probe

    June 12, 2025

    Ethereum derivatives just flipped Bitcoin – Will ETH see a massive year-end rally?

    June 12, 2025
  • Web 3
    1. Web3 News
    2. Gaming
    3. View All

    How Much Does a Domain Name Cost? A Full Breakdown of Domain, Hosting, and Website Fees

    June 12, 2025

    Motorcycle Carburetor Market Growth, Top Players, and Forecast by 2031

    June 11, 2025

    XRP Ledger will be compatible with Ethereum smart contracts via sidechain launch summer 2025

    June 11, 2025

    Building a Long-Term NFT Investment Thesis: Key Factors to Consider

    June 11, 2025

    My Neighbor Alice Unveils Cross-Chain NFT Integration with Pudgy Penguins

    June 12, 2025

    The Crypto Turmoil in the First Half of 2025 – Why It’s Still Worth Investing

    June 12, 2025

    Dogecoin Is About to Get a Flood of Games Via DogeOS and PlaysOut

    June 12, 2025

    Bonk ‘Kill-to-Earn’ Solana Launch, ‘FIFA Rivals’ Nears Release

    June 9, 2025

    Bitwise CIO calls Bitcoin ‘best horse in the race’ to explain accelerated corporate buys

    June 12, 2025

    Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

    June 12, 2025

    South Korean Police Officer Charged in $509k Crypto Fraud Probe

    June 12, 2025

    Ethereum derivatives just flipped Bitcoin – Will ETH see a massive year-end rally?

    June 12, 2025
  • Legal
    1. Taxes & Regulation
    2. Adoption
    3. View All

    Bank of America eyes dollar-pegged stablecoin amid Senate fast-tracking GENIUS Act

    June 12, 2025

    SEC Ripple case could show why crypto needs clearer rules

    June 12, 2025

    Crypto Tax Tool vs. Manual Filing: Which One is Right for You?

    June 12, 2025

    Argentine Government shuts down Libra investigation unit after only 3 months

    June 11, 2025

    Bitwise CIO calls Bitcoin ‘best horse in the race’ to explain accelerated corporate buys

    June 12, 2025

    World Chain and Circle join forces to strengthen identity-driven finance with native USDC

    June 12, 2025

    US states split on Bitcoin as Connecticut bans reserve while Louisiana explores blockchain growth

    June 11, 2025

    Guggenheim chooses Ripple’s XRPL for latest tokenized commercial paper issuance

    June 11, 2025

    Bitwise CIO calls Bitcoin ‘best horse in the race’ to explain accelerated corporate buys

    June 12, 2025

    Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

    June 12, 2025

    South Korean Police Officer Charged in $509k Crypto Fraud Probe

    June 12, 2025

    Ethereum derivatives just flipped Bitcoin – Will ETH see a massive year-end rally?

    June 12, 2025
  • Analysis

    Morgan Stanley Predicts New All-Time Highs for S&P 500 Amid Weaker US Dollar, Better Earnings Revisions, Incoming Fed Rate Cuts and More

    June 12, 2025

    Social Media Dominance Returns, but 340M Tokens Could Pressure Price

    June 11, 2025

    Is The Sandbox Gearing Up for a Major Rally?

    June 11, 2025

    Bitcoin holding $100k psychological floor amid recent dip signals robust investor sentiment

    June 11, 2025

    Nasdaq Includes XRP, Stellar (XLM), Solana (SOL) and Cardano (ADA) in Firm’s Crypto Index

    June 10, 2025
  • Learn
    1. Education
    2. Wallets and Exchanges
    3. View All

    What is a Corporate Bitcoin Treasury? The Strategy Behind Companies Holding Crypto

    May 27, 2025

    What Are Tokenized Real-World Assets? Putting Physical Value On-Chain With RWAs

    May 19, 2025

    Users Taunt Grok After xAI Says Modifications Were Made to Spit out ‘White Genocide’ Claim

    May 16, 2025

    What Is Base? The Ethereum Layer-2 Network Launched by Coinbase

    April 29, 2025

    FTX continues to exclude Nigeria and China in remaining creditor repayments but includes Payoneer

    June 12, 2025

    BiT Global drops Coinbase lawsuit over wrapped Bitcoin delisting

    June 10, 2025

    Coinbase CEO says unnecessary account restrictions has reduced by 82%

    June 8, 2025

    Trump wallet saga escalates as family pursues legal action

    June 6, 2025

    Bitwise CIO calls Bitcoin ‘best horse in the race’ to explain accelerated corporate buys

    June 12, 2025

    Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

    June 12, 2025

    South Korean Police Officer Charged in $509k Crypto Fraud Probe

    June 12, 2025

    Ethereum derivatives just flipped Bitcoin – Will ETH see a massive year-end rally?

    June 12, 2025
  • Tools
    • Market Overview
    • Converter
Buy Crypto NewsBuy Crypto News
Home»DeFi»Illinois Senate passes Digital Assets and Consumer Protection Act targeting crypto crime
DeFi

Illinois Senate passes Digital Assets and Consumer Protection Act targeting crypto crime

April 14, 2025No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Illinois Senate Passes Digital Assets and Consumer Protection Act to Combat Crypto Fraud

A new bill aimed at cracking down on crypto fraud and deceptive practices has been approved by the Illinois Senate, signaling a significant step towards consumer protection in the digital asset space.

The Digital Assets and Consumer Protection Act, officially known as Senate Bill 1797, was introduced by Senator Mark Walker and passed with a 39-17 vote on April 10. The bill seeks to regulate and oversee crypto businesses operating within the state by mandating registration with the Illinois Department of Financial and Professional Regulation.

Key Provisions of SB1797

Under SB1797, any firm offering digital asset services to residents of Illinois, regardless of their location, must register with the regulatory authority. The bill also requires these companies to disclose their fee structures, insurance coverage for user assets, and potential risks such as fraud, outages, and security breaches.

Additionally, the legislation targets shady exchange practices by mandating platforms to assess security risks, disclose conflicts of interest, and conduct regular reviews to ensure the suitability of listed tokens. Platforms must also report to the regulatory authority before listing any new token, detailing measures taken to prevent manipulation, price rigging, and insider-driven scams.

Furthermore, SB1797 prohibits crypto businesses from commingling user funds with their own assets and restricts the use of customer funds for lending or other purposes without explicit consent. In the event of bankruptcy, user assets will be treated as trust property, safeguarding them from company liabilities.

Enhanced Consumer Protections

Aside from registration and operational requirements, the bill establishes a framework for complaint handling and customer service. Covered firms are mandated to provide toll-free helplines, clear dispute resolution processes, and fraud reporting mechanisms to enhance consumer protections.

See also  Plume teams up with Goldfinch to bring private credit funds onchain

The introduction of the Digital Assets and Consumer Protection Act comes in response to a surge in crypto-related scams in Illinois, with the state ranking sixth nationwide for losses due to fraud in 2023. Senator Walker emphasized the importance of accountability and guidelines to rebuild public trust in the digital asset space.

National Trend Towards Consumer Protection

Illinois joins other states in implementing measures to protect consumers in the crypto sector. Recent legislative actions in California and North Dakota have focused on expanding protections for crypto payments and targeting fraud in the crypto ATM industry, respectively.

With the rise of crypto scams and frauds across the industry, initiatives like the Digital Assets and Consumer Protection Act aim to safeguard investors and promote transparency in the rapidly evolving digital asset landscape.

ACT assets Consumer Crime Crypto digital Illinois passes Protection Senate Targeting
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

June 12, 2025

South Korean Police Officer Charged in $509k Crypto Fraud Probe

June 12, 2025

Bank of America eyes dollar-pegged stablecoin amid Senate fast-tracking GENIUS Act

June 12, 2025

SEC Ripple case could show why crypto needs clearer rules

June 12, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Donald Trump Amasses $1 Billion From Crypto In Just 9 Months: Forbes

June 7, 2025

Bitcoin’s (BTC) $2T Market Cap Could Be Drained As Altcoin Season Heats Up in June: Analyst

May 15, 2025

Sam Bankman-Fried’s Prison Sentence Could be Cut by Over 4 Years: Business Insider

May 29, 2025
Price Chart


Explore insights on crypto, blockchain, taxes, and security. Stay informed with expert guides, tips, and the latest trends to navigate the digital asset world confidently


We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Bitwise CIO calls Bitcoin ‘best horse in the race’ to explain accelerated corporate buys

June 12, 2025

Bringing RWAs On-Chain Is Biggest Opportunity For DeFi Says Aave Founder

June 12, 2025

South Korean Police Officer Charged in $509k Crypto Fraud Probe

June 12, 2025
Get Informed

Subscribe to Updates

Get the latest creative news From BuyCryptoNews directly in your Inbox!

  • Contact
  • Privacy Policy
  • Terms & Conditions
  • Disclosure
© 2025 BuyCryptoNews - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.