Illinois General Assembly - Full Text of SB1797

Rep. Edgar González, Jr.

Filed: 5/27/2025

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AMENDMENT TO SENATE BILL 1797

AMENDMENT NO. ______. Amend Senate Bill 1797 on page 2, line 17, after "resident", by inserting "as part of a business or on behalf of a customer who has entered into an agreement with a business for the provision of such services"; and

on page 3, by replacing lines 2 through 10 with the following:

"(1) A digital representation of value that a merchant grants as part of an affinity or rewards program and that primarily relates to such affinity or rewards program.

(2) A digital representation of value that is issued by or on behalf of a game publisher and that is used primarily within online games or gaming platforms.

(3) Other digital representations of value that have substantial value, utility, or significance beyond the asset's mere existence as a digital asset, including digital equivalents of tangible and intangible goods such as: (A) works of art, musical compositions, literary works, and similar intellectual property; (B) collectibles and merchandise; and (C) licenses, tickets, and similar rights to attend events or participate in activities.

(4) A digital representation of value that is not marketed, used, promoted, offered, or sold for investment or speculation, except that this exclusion shall not apply to any digital representation of value that (A) is meme-based with no intrinsic value or utility or (B) is marketed, used, promoted, offered, or sold in a manner that intends to establish a reasonable expectation or belief among the general public that the instrument will retain a nominal value that is so stable as to render the nominal value effectively fixed. The Department may adopt rules to clarify the scope and applicability of this subsection."; and

on page 3, line 11, by replacing "(3)" with "(5)"; and

on page 3, by deleting lines 13 through 16; and

on page 3, line 20, after "asset", by inserting "as part of a business or on behalf of a customer who has entered into an agreement with a business for the provision of such services"; and

on page 4, line 4, before "(3)", by deleting "and"; and

on page 4, by replacing line 5 with the following: "development, publication, constitution, administration, maintenance, and dissemination of software in and of itself, (4) the issuance of a non-fungible token in and of itself, and (5) validating a digital asset transaction, operating a node, or engaging in similar activity to participate in facilitating, operating, or securing a blockchain system."; and

on page 11, immediately below line 4, by inserting the following:

"(6) 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 network, so long as the person does not control transactions of digital assets on the network."; and

on page 11, line 5, by replacing "(6)" with "(7)"; and

on page 80, line 16, by replacing the period with "; and"; and

on page 80, immediately below line 16, by inserting the following:

"(6) rules in connection with the adoption of reciprocity agreements between the Department and the appropriate licensing agency of another state to register a covered person on an expedited basis.".