<ul><li>The Illinois Senate has advanced a bill to establish comprehensive regulations for crypto businesses operating in the state and address concerns about digital assets-related fraud cases.</li><li>The bill, known as the Digital Assets and Consumer Protection Act, aims to crack down on the $163 million lost to cryptocurrency fraud in Illinois in 2023 by tightening regulations.</li><li>If passed, the bill would allow the Illinois Department of Financial and Professional Regulation (IDFPR) to oversee guidelines for crypto companies, making it the primary regulatory agency in the state.</li><li>The proposed legislation includes provisions for consumer safeguards, registration of crypto companies, and the establishment of programs to reduce consumer fraud.</li></ul>

Illinois Lawmaker’s Crypto Bill Aims To Tighten Regulations And Address Fraud

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