{"id":40053,"date":"2025-04-11T14:00:19","date_gmt":"2025-04-11T11:00:19","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=40053"},"modified":"2025-04-11T12:44:07","modified_gmt":"2025-04-11T09:44:07","slug":"illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls\/","title":{"rendered":"Illinois Senate Approves Crypto Bill to Combat Fraud and Rug Pulls"},"content":{"rendered":"<p class=\"\" data-start=\"2199\" data-end=\"2485\">The <strong data-start=\"2203\" data-end=\"2222\">Illinois Senate<\/strong> has passed <strong data-start=\"2234\" data-end=\"2263\">Senate Bill 1797 (SB1797)<\/strong> with a <strong data-start=\"2271\" data-end=\"2285\">39-17 vote<\/strong>, aiming to fight crypto-related fraud and <strong data-start=\"2328\" data-end=\"2341\">rug pulls<\/strong>. Known as the \u201c<strong data-start=\"2357\" data-end=\"2403\">Digital Assets and Consumer Protection Act<\/strong>,\u201d the law sets regulatory standards for crypto businesses operating in the state.<\/p>\n<p class=\"\" data-start=\"2487\" data-end=\"2678\">Under SB1797, <strong data-start=\"2501\" data-end=\"2572\">any digital asset business serving Illinois residents must register<\/strong> with the state\u2019s financial regulator. It also mandates <strong data-start=\"2628\" data-end=\"2660\">clear and advance disclosure<\/strong> of all user fees.<\/p>\n<hr \/>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls\/#You_Might_Be_Interested_In_Elon_Musk_Talks_About_the_Name_of_a_New_Memecoin\" title=\"You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!\">You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls\/#Memecoin_Scams_Spark_Regulatory_Crackdown\" title=\"Memecoin Scams Spark Regulatory Crackdown!\">Memecoin Scams Spark Regulatory Crackdown!<\/a><\/li><\/ul><\/nav><\/div>\n<h4 data-start=\"1444\" data-end=\"1471\"><span class=\"ez-toc-section\" id=\"You_Might_Be_Interested_In_Elon_Musk_Talks_About_the_Name_of_a_New_Memecoin\"><\/span><strong><em>You Might Be Interested In: <a href=\"https:\/\/coinengineer.net\/blog\/elon-musk-talks-about-the-name-of-a-new-memecoin\/\">Elon Musk Talks About the Name of a New Memecoin!<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<hr \/>\n<p class=\"\" data-start=\"2680\" data-end=\"2815\"><em data-start=\"2680\" data-end=\"2799\">\u201cA person shall not engage in digital asset business activity [\u2026] unless registered in this State by the Department,\u201d<\/em> the bill reads.<\/p>\n<p data-start=\"2680\" data-end=\"2815\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-153233 size-full\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/04\/Illinois.png\" alt=\"Illinois\" width=\"907\" height=\"845\" \/><\/p>\n<h2 data-start=\"2822\" data-end=\"2871\"><span class=\"ez-toc-section\" id=\"Memecoin_Scams_Spark_Regulatory_Crackdown\"><\/span>Memecoin Scams Spark Regulatory Crackdown!<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"\" data-start=\"2873\" data-end=\"3109\">The bill follows a string of <strong data-start=\"2902\" data-end=\"2920\">memecoin scams<\/strong>, including the infamous <strong data-start=\"2945\" data-end=\"2960\">Libra token<\/strong>, where insiders allegedly pulled over <strong data-start=\"2999\" data-end=\"3015\">$107 million<\/strong> in liquidity. The token price crashed <strong data-start=\"3054\" data-end=\"3061\">94%<\/strong>, erasing nearly <strong data-start=\"3078\" data-end=\"3092\">$4 billion<\/strong> in market value.<\/p>\n<p class=\"\" data-start=\"3111\" data-end=\"3275\"><strong data-start=\"3111\" data-end=\"3136\">Anastasija Plotnikova<\/strong>, CEO of <strong data-start=\"3145\" data-end=\"3155\">Fideum<\/strong>, commented: <em data-start=\"3168\" data-end=\"3275\">\u201cThese activities are not only unethical but also clearly illegal, with case law to support enforcement.\u201d<\/em><\/p>\n<hr \/>\n<p data-start=\"3111\" data-end=\"3275\"><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"nofollow noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201cDigital Assets and Consumer Protection Act,\u201d 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<\/p>\n","protected":false},"author":28,"featured_media":37466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,2],"tags":[61,6001,6265,847,105,2098,11337,1332,14193,1751,967,14192],"class_list":["post-40053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-news","tag-bitcoin","tag-compliance","tag-crypto-bill","tag-crypto-news","tag-ethereum","tag-fraud","tag-illinois","tag-memecoin","tag-registration","tag-regulation","tag-rug-pull","tag-sb1797"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Illinois Senate Approves Crypto Bill to Combat Fraud and Rug Pulls - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Illinois Senate Approves Crypto Bill to Combat Fraud and Rug Pulls - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"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 \u201cDigital Assets and Consumer Protection Act,\u201d 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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-11T11:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-11T09:44:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/scam_ce.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yigit Taha OZTURK\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yigit Taha OZTURK\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/illinois-senate-approves-crypto-bill-to-combat-fraud-and-rug-pulls\/\",\"name\":\"Illinois Senate Approves Crypto Bill to Combat Fraud and Rug Pulls - 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