A set of Illinois Democratic bills to regulate cryptocurrency head to the Governor's office

SPRINGFIELD, Ill. (WAND) — Two Democratic plans in Springfield would begin some of the first regulations to be put on the cryptocurrency industry.

It would start by requiring all cryptocurrency operators to be registered with the state of Illinois.

One proposal would set transaction limits, a maximum withdrawal fee and create a live customer service portal that must be maintained.

The other legislation would require those registered with the state to notify customers if they're eligible for anti-theft insurance. It would also require registrants to comply with financial safety and soundness standards.

State Sen. Laura Ellman (D-Naperville) said it is time to regulate cryptocurrency.

"This has been a very highly negotiated bill with the industry, consumer advocates and with the agency," Ellman said.

The legislation would also require cryptocurrency operators to educate all potential digital asset holders the potential risks of entering the industry.

Republicans opposed the plan, with some GOP members saying Illinois should follow other state's regulations, not create their own.

State Sen. Steve McClure (R-Springfield) said on the Senate floor that Coinbase is still in opposition of the bill.

Democrats in response said Coinbase is a great actor in the industry, but was always going to oppose regulations at the state level. The cryptocurrency company is saying they only want to be regulated at the federal level according to state Sen. Mark Walker (D-Arlington Heights).

Both proposals passed out of the House and Senate on mostly partisan lines, with a couple of Republicans voting in favor. Now the proposals head to the Governor's office, where it could be signed into law.