Legislation would make Illinois a global leader in the financial technology industry
CHICAGO, IL – Today, State Representative Margaret Croke (IL-12) released the following statement on the Illinois State House’s unanimous passage of HB3968, her bill to allow financial service companies that operate using crypto-assets to apply for a charter in Illinois:
“By creating a stable environment for businesses dealing with cryptocurrency, we are sending a clear message to financial technology companies that Illinois is prepared to serve as a global hub for this burgeoning industry. This bill is an important step toward making that a reality, and will bring top talent, jobs, and investment to our state. With other states considering similar legislation, Illinois needs to act quickly to ensure we take advantage of this opportunity before others beat us to it. That’s why I’m so proud to see this bill passed by the House today, and I look forward to its passage in the Senate later this session.”
Currently, companies engaged in crypto-assets find it very difficult to access traditional banking services, and if they can find one, the associated costs are extremely high. HB3968 would allow financial service companies that deal with crypto-assets to apply for a charter through the Illinois Department of Financial and Professional Regulation, Division of Banking, just like any other financial institution would, paving the way for Illinois to become a financial center for these companies and the jobs that come with it. Illinois would be the second state after Wyoming to enact similar legislation, making our state a compelling home for fintech companies looking to start or grow their business.
Additional information about HB3968 can be found at ILGA.com.