Illinois could soon allow cryptocurrency for financial services

From Illinois Policy

The Illinois House unanimously passed a bill to allow financial service companies that operate using cryptocurrency to apply for a charter in Illinois. If the bill becomes law, Illinois will be the second state to allow the practice.

“Our state has the opportunity to lead the way on blockchain technology and cryptoassets, which could make Illinois a hub for innovation and entrepreneurship for future generations – and all the jobs that come with it,” said the bill’s chief sponsor, state Rep. Margaret Croke, D-Chicago.

House Bill 3968 has the support of the Illinois Bankers Association, the Chicagoland Chamber of Commerce and other banking organizations that signed on in support of the bill. It is now before the Illinois Senate.