SB1797 - 104th General Assembly
DIGITAL ASSETS & CONS PROT ACT
Senate Sponsors
Sen. Mark L. Walker - Laura Ellman - Cristina Castro - Graciela Guzmán, Karina Villa, Rachel Ventura, Mike Porfirio, Paul Faraci, Christopher Belt, Javier L. Cervantes, Michael E. Hastings, Robert Peters, Mary Edly-Allen, Adriane Johnson and Mike Simmons
House Sponsors
(Rep. Edgar González, Jr. and Camille Y. Lilly)
Statutes Amended In Order of Appearance
New Act
205 ILCS 5/2from Ch. 17, par. 302
205 ILCS 5/30from Ch. 17, par. 337
205 ILCS 620/1-5.08from Ch. 17, par. 1551-5.08
205 ILCS 620/2-1from Ch. 17, par. 1552-1
205 ILCS 620/4-1from Ch. 17, par. 1554-1
205 ILCS 620/4-2from Ch. 17, par. 1554-2
205 ILCS 620/4-5from Ch. 17, par. 1554-5
205 ILCS 620/5-1from Ch. 17, par. 1555-1
Synopsis As Introduced
Creates the Digital Assets and Consumer Protection Act. Provides that the Department of Financial and Professional Regulation shall regulate digital asset business activity in the State. Sets forth provisions concerning: applicability; the powers and duties of the Department; funds; customer protections; custody and protection of customer assets; covered exchanges; compliance; registration; supervision; records; additional procedural provisions; confidentiality; violations; enforcement; rulemaking authority; and severability. Creates the Special Purpose Trust Company Article in the Corporate Fiduciary Act. Sets forth provisions concerning certificates of authority; rulemaking and organization; certificates of authority for foreign corporate fiduciaries; eligibility; fees; and certificates of reciprocity. Makes other changes to various Acts. Effective immediately.
Senate Committee Amendment No. 1
Provides that any reference to the Act shall include any rules adopted in accordance with the Act. In provisions concerning control over a registrant, provides that there is a rebuttable presumption of control (rather than a person has control over a registrant) if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing 10% or more of the then outstanding voting securities issued by the registrant. Corrects cross-references and typographical errors. Makes other changes.
Senate Floor Amendment No. 2
Replaces everything after the enacting clause. Reinserts the provisions of the bill, as amended by Senate Amendment No. 1, with changes that include the following. Provides that "digital asset business activity" does not include (1) peer-to-peer exchanges or transfers of digital assets, (2) decentralized exchanges facilitating peer-to-peer exchanges or transfers solely through use of a computer program or a transaction protocol that is intended to automatically execute, control, or document events and actions, and (3) the development and dissemination of software in and of itself. Provides that "digital asset administration" does not include the issuance of a non-fungible token in and of itself. Defines "non-fungible token". Makes changes in provisions concerning rebuttable presumptions of control and the application of the Act. Makes other changes. Effective immediately.
House Committee Amendment No. 1
Makes changes to defined terms. In provisions concerning applicability of the Act, provides that the Act does not apply to a person who (A) contributes connectivity software or computing power or otherwise participates in the process of securing a network, (B) records digital asset transactions to the network or protocol governing transfer of the digital representation of value, or (C) develops, publishes, constitutes, administers, maintains, or otherwise distributes software relating to the a network, so long as the person does not control transactions of digital assets on the network. In provisions concerning rulemaking, includes rules in connection with the adoption of reciprocity agreements between the Department of Financial and Professional Regulation and the appropriate licensing agency of another state to register a covered person on an expedited basis.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/06/2025 | Senate | Filed with Secretary by Sen. Mark L. Walker |
| 2/06/2025 | Senate | First Reading |
| 2/06/2025 | Senate | Referred to Assignments |
| 2/18/2025 | Senate | Assigned to Executive |
| 3/12/2025 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Mark L. Walker |
| 3/12/2025 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 3/18/2025 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Executive |
| 3/18/2025 | Senate | Added as Co-Sponsor Sen. Karina Villa |
| 3/19/2025 | Senate | Added as Co-Sponsor Sen. Rachel Ventura |
| 3/19/2025 | Senate | Added as Co-Sponsor Sen. Mike Porfirio |
| 3/21/2025 | Senate | Rule 2-10 Committee Deadline Established As April 4, 2025 |
| 4/03/2025 | Senate | Senate Committee Amendment No. 1 Adopted |
| 4/03/2025 | Senate | Do Pass as Amended Executive; 008-004-000 |
| 4/03/2025 | Senate | Placed on Calendar Order of 2nd Reading April 4, 2025 |
| 4/04/2025 | Senate | Added as Chief Co-Sponsor Sen. Graciela Guzmán |
| 4/04/2025 | Senate | Added as Chief Co-Sponsor Sen. Cristina Castro |
| 4/04/2025 | Senate | Added as Chief Co-Sponsor Sen. Laura Ellman |
| 4/04/2025 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Mark L. Walker |
| 4/04/2025 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 4/08/2025 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Executive |
| 4/08/2025 | Senate | Second Reading |
| 4/08/2025 | Senate | Placed on Calendar Order of 3rd Reading April 9, 2025 |
| 4/09/2025 | Senate | Added as Co-Sponsor Sen. Paul Faraci |
| 4/09/2025 | Senate | Added as Co-Sponsor Sen. Christopher Belt |
| 4/09/2025 | Senate | Added as Co-Sponsor Sen. Javier L. Cervantes |
| 4/09/2025 | Senate | Sponsor Removed Sen. Michael W. Halpin |
| 4/09/2025 | Senate | Added as Co-Sponsor Sen. Michael E. Hastings |
| 4/09/2025 | Senate | Added as Co-Sponsor Sen. Robert Peters |
| 4/09/2025 | Senate | Senate Floor Amendment No. 2 Recommend Do Adopt Executive; 009-004-000 |
| 4/10/2025 | Senate | Added as Co-Sponsor Sen. Mary Edly-Allen |
| 4/10/2025 | Senate | Added as Co-Sponsor Sen. Adriane Johnson |
| 4/10/2025 | Senate | Recalled to Second Reading |
| 4/10/2025 | Senate | Senate Floor Amendment No. 2 Adopted; Walker |
| 4/10/2025 | Senate | Placed on Calendar Order of 3rd Reading |
| 4/10/2025 | Senate | Third Reading - Passed; 039-017-000 |
| 4/10/2025 | Senate | Added as Co-Sponsor Sen. Mike Simmons |
| 4/10/2025 | House | Arrived in House |
| 4/10/2025 | House | Chief House Sponsor Rep. Edgar González, Jr. |
| 4/11/2025 | House | First Reading |
| 4/11/2025 | House | Referred to Rules Committee |
| 4/17/2025 | House | Assigned to Financial Institutions and Licensing Committee |
| 5/09/2025 | House | Rule 19(a) / Re-referred to Rules Committee |
| 5/23/2025 | House | Assigned to Financial Institutions and Licensing Committee |
| 5/23/2025 | House | Committee/Final Action Deadline Extended-9(b) May 31, 2025 |
| 5/27/2025 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Edgar González, Jr. |
| 5/27/2025 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 5/27/2025 | House | Motion Filed to Suspend Rule 21 Financial Institutions and Licensing Committee; Rep. Bob Morgan |
| 5/27/2025 | House | Motion to Suspend Rule 21 - Prevailed 075-039-000 |
| 5/28/2025 | House | House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 5/28/2025 | House | House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote |
| 5/28/2025 | House | Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 007-004-000 |
| 5/28/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 5/28/2025 | House | Second Reading - Short Debate |
| 5/28/2025 | House | Held on Calendar Order of Second Reading - Short Debate |
| 5/29/2025 | House | Added Alternate Co-Sponsor Rep. Camille Y. Lilly |
| 5/30/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 5/30/2025 | House | Third Reading - Short Debate - Passed 076-038-001 |
| 5/30/2025 | Senate | Secretary's Desk - Concurrence House Amendment(s) 1 |
| 5/30/2025 | Senate | Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 30, 2025 |
| 5/31/2025 | Senate | House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Mark L. Walker |
| 5/31/2025 | Senate | House Committee Amendment No. 1 Motion to Concur Referred to Assignments |
| 5/31/2025 | Senate | House Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive |
| 5/31/2025 | Senate | House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 009-004-000 |
| 6/01/2025 | Senate | 3/5 Vote Required |
| 6/01/2025 | Senate | House Committee Amendment No. 1 Senate Concurs 041-015-000 |
| 6/01/2025 | Senate | Senate Concurs |
| 6/01/2025 | Senate | Passed Both Houses |
| 6/30/2025 | Senate | Sent to the Governor |
| 8/18/2025 | Senate | Governor Approved |
| 8/18/2025 | Senate | Effective Date August 18, 2025 |
| 8/18/2025 | Senate | Public Act . . . . . . . . . 104-0428 |