The SECGov may be lapped by state regulators on crypto rules as Illinois now pursues a license like New York’s. State lawmakers and the IDFPR are pressing a regime there akin to the BitLicense. jesseahamilton reports
“We definitely took some ideas of what was working in New York,” DeCarlo said, and he added that the IDFPR has also been in touch with California to make sure everybody is working toward a complementary framework “that would work across New York, Illinois and California.
The consumer side of the Illinois legislation, patterned after the establishment of the Consumer Financial Protection Bureau in the 2010 Dodd-Frank Act, gives the state regulators the power to enforce the crypto rules and also to pursue misdeeds committed by unlicensed firms. Two Democratic former chairs of their chambers’ financial institution committees, Sen. Laura Ellman and Rep. Mark Walker, introduced the matching bills. Walker said in a statement that the measures “not only work to hold bad actors accountable, but allow good actors to enter the marketplace and prove to customers they are operating within the bounds of the law.”
“Something like this may just be inevitable,” Rosario said, because the U.S. tide is turning toward crypto regulation in the wake of industry disasters over the past year.
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