Illinois Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
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.|
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:
- Anti-Collusion | What Is Obfuscation?
- Blockchain Attacks: Is No One Safe in the World of Cryptocurrencies?
- Blockchain Technology Explained: What is Blockchain and How Does It Work?
- Digital Currency Transmission Laws and Regulations by State
- Hard and Soft Forks: A Detailed and Simplified Explanation of How Blockchains Evolved
- Legal Issues around Cryptocurrency
- Merkle Trees
- Permissioned and Permissionless Blockchains
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.
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.