Yigit Taha OZTURK 
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.
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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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