Illinois

Passage of two bills would undermine growing tech ecosystem in Illinois | Opinion

Published

11 months ago

May 9, 2025

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Passage of two bills would undermine growing tech ecosystem in Illinois | Opinion

Katherine Kirkpatrick Bos
| Special to the State Journal-Register

The Illinois Digital Assets and Consumer Protection Act (DACPA) could stifle the state’s tech growth by over-regulating blockchain and cryptocurrency startups.
The Illinois Department of Financial and Professional Regulation (IDFPR), tasked with DACPA oversight, lacks the resources and technological readiness to effectively regulate this complex sector.
The proposed regulations risk creating a two-tiered system favoring large companies and potentially driving innovation out of Illinois, similar to New York’s BitLicense experience.

Last month, the Illinois General Assembly advanced a sweeping bill that could severely undermine the state’s growing tech ecosystem.

The Digital Assets and Consumer Protection Act (DACPA), while framed as consumer protection, would impose burdensome licensing requirements and broad regulatory authority over hundreds of Illinois startups innovating in blockchain and cryptocurrency.

If signed into law, DACPA would task the Illinois Department of Financial and Professional Regulation (IDFPR) with overseeing one of the most complex and fast-moving sectors in the world.

But IDFPR is still in the midst of modernizing its own processes, relying primarily on paper applications and, just last year, described its own delays as a “crisis.” While IDFPR has launched a new online system, only a handful of the 300+ licenses it oversees have been converted—and full rollout is expected to take more than two years. It’s not feasible to expect the agency will be ready to regulate a cutting-edge, highly technical industry within the year.

Let’s be clear: the blockchain and crypto community supports smart, targeted regulation that protects consumers and holds bad actors accountable. But DACPA misses the mark on several fronts.

First, it gives Illinois consumers a false sense of security. Most crypto scams originate offshore, far beyond the reach of state regulations. DACPA would do little to deter those bad actors—but it would impose significant costs and compliance burdens on legitimate Illinois-based startups who are building real-world tools using blockchain.

Second, the bill’s scope is overly broad. It doesn’t just target centralized exchanges or companies holding crypto on behalf of users, but also attempts to govern students, developers, and entrepreneurs experimenting with decentralized technologies that never interact with consumer funds. This could create a two-tier system where only large, wealthy companies can afford to navigate the complex licensing regime.

That runs contrary to Illinois’ values of equity and opportunity.

Importantly, many of these companies are already subject to extensive oversight. Illinois crypto firms may hold a Money Transmitter License or operate under existing state and federal regulation through agencies like the SEC, CFTC, and DOJ. DACPA introduces new layers of confusion and cost without clear benefit—exactly the kind of regulatory overreach that drives innovation out of state.

We’ve seen this play out before. New York implemented a similar system—the BitLicense—in 2015, approving just over 30 licenses since then. Many crypto companies have opted to geoblock New York residents altogether, stifling access and thwarting innovation. Illinois’ proposed regime is even broader in scope, which means the consequences here could be even more severe.

Now is not the time to over-regulate. With tech companies increasingly reshoring, Illinois should be rolling out the welcome mat—not standing up new barriers. The state has a chance to become a leader in responsible blockchain development, but only if it creates a regulatory framework that is clear, functional, and appropriately scaled to the risk.

Until that happens, lawmakers should reconsider Senate Bill 1797 and House Bill 742.

Katherine Kirkpatrick Bos is board member of the Illinois Blockchain Association and General Counsel of StarkWare, the developer of a cryptographic zero-knowledge proof system that seeks to improve scalability in blockchains. Prior to StarkWare, she was Chief Legal Officer of CBOE Digital, a U.S. regulated exchange and clearinghouse for spot crypto and crypto derivatives markets; and General Counsel of Maple Finance, a capital-efficient corporate debt marketplace which facilitates crypto institutional borrowing via liquidity pools funded by the DeFi ecosystem. She lives in Winnetka.

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Illinois

Vanderbilt vs Illinois predictions, picks, odds for NCAA Tournament Second Round

Published

12 hours ago

March 23, 2026

Press Room

Vanderbilt vs Illinois predictions, picks, odds for NCAA Tournament Second Round

The Second Round of the women’s 2026 NCAA Tournament continues Monday with a slate featuring No. 2 Vanderbilt vs. No. 7 Illinois on the eight-game schedule.

Here is the latest on Monday’s March Madness matchup, including expert picks from reporters across the USA TODAY Sports Network.

USA TODAY Sports has a team of journalists covering the women’s NCAA Tournament to keep you up to date with every point scored, rebound grabbed and game won in the 68-team tournament.

USA TODAY Studio IX : Check out our women’s sports hub for in-depth analysis, commentary and more

Join the USA TODAY $1 million Bracket Challenge

No. 2 Vanderbilt vs No. 7 Illinois prediction

Heather Burns: Vanderbilt
Mitchell Northam: Vanderbilt
Nancy Armour: Vanderbilt
Cydney Henderson: Vanderbilt
Meghan Hall: Vanderbilt

No. 2 Vanderbilt vs No. 7 Illinois odds

Opening Moneyline: Vanderbilt (-1000)
Opening Spread: Vanderbilt (-13.5)
Opening Total: 153.5

How to Watch Vanderbilt vs Illinois on Monday

No. 2 Vanderbilt takes on No. 7 Illinois at Memorial Gymnasium in Nashville on March 23 at 7:00 p.m. (ET). The game is airing on ESPN2.

Stream March Madness on Fubo

2026 Women’s NCAA Tournament full schedule

March 18-19: First Four
March 20-21: First Round
March 22-23: Second Round
March 27-28: Sweet 16
March 29-30: Elite 8
April 3: Final Four
April 5: National Championship

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Illinois

Illinois Secretary of State’s Office warns of ‘new surge’ in scam texts

Published

1 day ago

March 22, 2026

Press Room

Illinois Secretary of State’s Office warns of ‘new surge’ in scam texts

The Illinois Secretary of State’s Office is warning residents of a “new surge” in scam texts claiming to be from the DMV and demanding money.

According to a press release from Secretary of State Alexi Giannoulias, residents are receiving text messages falsely claiming to either be from his office or a DMV, threatening suspension of license and vehicle registration if “fines” are not paid.

The messages often include links that can be used to steal residents’ information, and Giannoulias’ office is reminding residents to use vigilance and caution when receiving such messages.

“These text messages look legitimate and are designed to frighten people into acting quickly before they have time to think,” Giannoulias said. “Our office will never send a text message demanding payment or threatening to suspend someone’s license. If you receive a message like this, remember it’s a scam – plain and simple. Do not click the link and please report the message to scamalert@ilsos.gov.”

According to his office, the messages often reference fake regulations or deadlines, and cite an upcoming enforcement date to add an air of urgency to the texts.

“These schemes are designed to create panic and trick individuals into surrendering money or personal information,” the Secretary of State’s Office said.

If a motorist receives a text, they are urged:

-NEVER to click a link

-Do not reply

-Do not provide personal information

-Forward the message to the SOS’ scam alert email.

The only legitimate text messages the Secretary of State’s Office sends are to remind motorists of upcoming appointments at DMV facilities.

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