DECATUR, Ill. (WAND) – Legislation is working its way through Springfield that could eventually allow Illinois banks and financial technology companies to manage digital assets for their customers.
The measure (HB 3968) has already passed the House and is currently working its way through the Senate. It has bipartisan support.
The Illinois Bankers Association supports the bill that will allow banks and other companies with existing trust company powers to manage digital assets like cryptocurrency. The legislation would allow those seeking to enter digital asset management to apply for a certificate from state regulators while prohibiting companies from managing digital assets without regulatory approval.
The Illinois Bankers Association tells WAND News banks have the infrastructure to protect customers' digital assets. Â
