The Senate of Illinois, by a vote from 39 to 17, adopted a regulatory bill aimed at limiting fraud to cryptocurrency and to protect investors against misleading practices, including carpet prints and misleading costs.
On April 10, the Chamber adopted the Senate Bill 1797 (SB1797), also known as Digital Assets and Consumer Protection ACT, which Senator Mark Walker presented in February.
The bill gives the Illinois financial and professional regulation department to supervise the commercial activity of digital assets within the State.
Below legislationAny entity which engaged in digital assets with the residents of Illinois must be registered with the financial regulator of the State. The bill also obliges Crypto service providers to provide full disclosure of costs and costs of use.
Bill SB1797. Source: Ilga.gov
“A person should not engage in the commercial activity of digital assets, or be able to engage in a commercial activity of digital assets, with or on behalf of a resident unless the person is registered in this State by the ministry under this article (…)”, indicates the bill.
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Walker previously highlighted the need to fight against fraud linked to crypto in Illinois. In an April 4 x jobHe said:
“The rise in digital assets has opened the door to financial opportunities, but also for bankruptcy, fraud and misleading practices. We must establish standards for those who have evolved in the cryptography sector to ensure that they are credible and honest actors. ”
The push of Illinois for stronger monitoring follows a wave of very publicized mergers and scams led by initiates who left retail investors with substantial losses.
In March, New York presented Bill A06515, aimed at establishing criminal sanctions to prevent cryptocurrency fraud and protect investors from carpet prints.
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The samescoin scams delight the regulatory momentum
One of the most notorious recent cases was the collapse of the balanced token, a same would have approved by Argentinian president Javier Milei. In March, the initiates of the project would have withdrawn more than $ 107 million in liquidity, causing a 94% price accident and annihilating around $ 4 billion of market value.
Balance token crash. Source: Kobeissi letter
Insidian scams and “fraudulent activities” such as carpet prints, which are “not only contrary to ethics but also clearly illegal, with jurisprudence to support the application”, should see more in -depth regulatory attention, Anastasija Plotnikova, Co -foundat and CEO of the Blockchain Regulatory Society, Fideum, adding: adding:
“In my opinion, these activities should be the jurisdiction of law enforcement organizations.”
The last collapse took place on March 16, after Hayden Davis, co-creator of Melania (Melania) and the balance token, launched a Wolf of Wall Street inspired by Token (Wolf).
Source: Bubblemaps
More than 82% of the token supply was owned by the same entity, which led to a price accident of 99% after the token reached a market capitalization of $ 42 million.
Argentinian lawyer Gregorio Dalbon asked for an interpol red opinion to be issued for Davis, citing a “procedural risk” if Davis had to remain free because he could access large sums of money that would allow him to flee the United States or hide.
https://www.youtube.com/watch?v=TVMMJ6RR4SO
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