Illinois General Assembly - Bill Status for SB1797
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 Bill Status of SB1797  104th General Assembly

Short Description:  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.)

Last Action
DateChamber Action
  5/9/2025HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
New Act
5 ILCS 140/7.5
30 ILCS 105/5.1030 new
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/Art. IIA heading new
205 ILCS 620/2A-1 new
205 ILCS 620/2A-2 new
205 ILCS 620/2A-3 new
205 ILCS 620/2A-4 new
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 620/4A-15
205 ILCS 620/5-1from Ch. 17, par. 1555-1
815 ILCS 505/2HHHH new


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.

Actions 
DateChamber Action
  2/6/2025SenateFiled with Secretary by Sen. Mark L. Walker
  2/6/2025SenateFirst Reading
  2/6/2025SenateReferred to Assignments
  2/18/2025SenateAssigned to Executive
  3/12/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Mark L. Walker
  3/12/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/18/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Executive
  3/18/2025SenateAdded as Co-Sponsor Sen. Karina Villa
  3/19/2025SenateAdded as Co-Sponsor Sen. Rachel Ventura
  3/19/2025SenateAdded as Co-Sponsor Sen. Mike Porfirio
  3/21/2025SenateRule 2-10 Committee Deadline Established As April 4, 2025
  4/3/2025SenateSenate Committee Amendment No. 1 Adopted
  4/3/2025SenateDo Pass as Amended Executive; 008-004-000
  4/3/2025SenatePlaced on Calendar Order of 2nd Reading April 4, 2025
  4/4/2025SenateAdded as Chief Co-Sponsor Sen. Graciela Guzmán
  4/4/2025SenateAdded as Chief Co-Sponsor Sen. Cristina Castro
  4/4/2025SenateAdded as Chief Co-Sponsor Sen. Laura Ellman
  4/4/2025SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Mark L. Walker
  4/4/2025SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/8/2025SenateSenate Floor Amendment No. 2 Assignments Refers to Executive
  4/8/2025SenateSecond Reading
  4/8/2025SenatePlaced on Calendar Order of 3rd Reading April 9, 2025
  4/9/2025SenateAdded as Co-Sponsor Sen. Paul Faraci
  4/9/2025SenateAdded as Co-Sponsor Sen. Christopher Belt
  4/9/2025SenateAdded as Co-Sponsor Sen. Javier L. Cervantes
  4/9/2025SenateSponsor Removed Sen. Michael W. Halpin
  4/9/2025SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  4/9/2025SenateAdded as Co-Sponsor Sen. Robert Peters
  4/9/2025SenateSenate Floor Amendment No. 2 Recommend Do Adopt Executive; 009-004-000
  4/10/2025SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
  4/10/2025SenateAdded as Co-Sponsor Sen. Adriane Johnson
  4/10/2025SenateRecalled to Second Reading
  4/10/2025SenateSenate Floor Amendment No. 2 Adopted; Walker
  4/10/2025SenatePlaced on Calendar Order of 3rd Reading
  4/10/2025SenateThird Reading - Passed; 039-017-000
  4/10/2025SenateAdded as Co-Sponsor Sen. Mike Simmons
  4/10/2025HouseArrived in House
  4/10/2025HouseChief House Sponsor Rep. Edgar González, Jr.
  4/11/2025HouseFirst Reading
  4/11/2025HouseReferred to Rules Committee
  4/17/2025HouseAssigned to Financial Institutions and Licensing Committee
  5/9/2025HouseRule 19(a) / Re-referred to Rules Committee

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