Illinois Blockchain Legislation Status

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Illinois Cryptocurrency Laws

Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

Illinois HB 2540
Sent to governor 6/28/19
Creates the Blockchain Business Development Act. Provides that the secretary of state shall recommend legislation, including uniform laws, necessary to support the possible use of blockchain technology for public records; provides for the blockchain banking study.
Illinois HB 3575
Sent to governor 6/27/19
Creates the Blockchain Technology Act. Provides for the permitted uses of blockchain technology in transactions and proceedings. Provides limitations to the use of blockchain technology. Prohibits units of local government from implementing specified restrictions on the use of blockchain technology. Defines terms.
Illinois HB 3577 Creates the Blockchain Technology Act. Contains only a short title provision.

Blockchain Information & Resources:

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Digital Currency

Virtual and cryptocurrencies are built on blockchain technology—a technological innovation that allows for a distributed, decentralized digital ledger generally built upon cryptographic mechanisms and complex consensus protocols. From a legal perspective, many of the tax, regulatory, and other legal issues associated with blockchain technology and cryptocurrency require an understanding of this underlying technology.

Cryptocurrencies involve unique tax considerations. Businesses and individuals need up-to-date guidance and insight regarding the tax law and its impact on virtual currency activities at the state, federal, and international levels. Freeman Law is positioned to advise clients on the latest cryptocurrency tax strategies and thinking.

Have Cryptocurrency or Blockchain issues or questions?

Freeman Law is an innovative thought leader in the blockchain and cryptocurrency space. Blockchain and virtual currency activities take place in a rapidly evolving regulatory landscape.

We are dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Contact us to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.