sb1797 Archives - Coin Engineer https://coinengineer.net/blog/tag/sb1797/ Btc, Coins, Pre-Sale, DeFi, NFT Fri, 11 Apr 2025 09:44:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png sb1797 Archives - Coin Engineer https://coinengineer.net/blog/tag/sb1797/ 32 32 Illinois Senate Approves Crypto Bill to Combat Fraud and Rug Pulls https://coinengineer.net/blog/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls/ https://coinengineer.net/blog/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls/#respond Fri, 11 Apr 2025 11:00:19 +0000 https://coinengineer.net/blog/?p=40053 The Illinois Senate has passed Senate Bill 1797 (SB1797) with a 39-17 vote, aiming to fight crypto-related fraud and rug pulls. Known as the “Digital Assets and Consumer Protection Act,” the law sets regulatory standards for crypto businesses operating in the state. Under SB1797, any digital asset business serving Illinois residents must register with the

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]]> The Illinois Senate has passed Senate Bill 1797 (SB1797) with a 39-17 vote, aiming to fight crypto-related fraud and rug pulls. Known as the “Digital Assets and Consumer Protection Act,” the law sets regulatory standards for crypto businesses operating in the state.

Under SB1797, any digital asset business serving Illinois residents must register with the state’s financial regulator. It also mandates clear and advance disclosure of all user fees.

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“A person shall not engage in digital asset business activity […] unless registered in this State by the Department,” the bill reads.

Illinois

Memecoin Scams Spark Regulatory Crackdown!

The bill follows a string of memecoin scams, including the infamous Libra token, where insiders allegedly pulled over $107 million in liquidity. The token price crashed 94%, erasing nearly $4 billion in market value.

Anastasija Plotnikova, CEO of Fideum, commented: “These activities are not only unethical but also clearly illegal, with case law to support enforcement.”

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