Connect with us

Illinois

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

Published

on

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


play

Advertisement
  • 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.

Advertisement

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.

Advertisement

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.

Advertisement



Source link

Illinois

2 men shot, 1 fatally, outside bar in Morris, police say

Published

on

2 men shot, 1 fatally, outside bar in Morris, police say


MORRIS, Ill. (WLS) — A man was killed and another was injured in a shooting outside of a bar in Grundy County.

The shooting happened early Saturday outside of Clayton’s Tap in the 100 block of West Washington Street in Morris, Illinois, officials said.

ABC7 Chicago is now streaming 24/7. Click here to watch

The Grundy County Sheriff’s Office responded to the scene, where they found two men with gunshot wounds. One was pronounced dead at the scene and the other was taken to a hospital in critical condition.

The victim who died was identified by the Grundy County Coroner’s Office as 35-year-old Julian Rosario of Channahon.

Advertisement

A suspect in the shooting, 22-year-old Marshall Szpara of Seneca, was arrested and “initially charged with two counts of aggravated battery with a firearm, pending further review from the Grundy County States Attorney’s office,” Morris police said.

No further information was available.

Copyright © 2026 WLS-TV. All Rights Reserved.



Source link

Advertisement
Continue Reading

Illinois

Firefighter faces arson charges after Illinois wildfire burns hundreds of acres

Published

on

Firefighter faces arson charges after Illinois wildfire burns hundreds of acres


A volunteer firefighter is facing arson charges after he allegedly set a fire in a Lee County wildlife preserve, scorching hundreds of acres.

According to authorities, 21-year-old Trent Schaefer, a volunteer firefighter in Ohio, Illinois, was charged with one count of arson in connection to a fire that occurred in the Green River State Wildlife Management Area Friday.

On that date, temperatures had soared into the 60s, winds were whipping at more than 30 miles per hour, and humidity plunged below 30%, leading the National Weather Service to issue warnings on the danger of wildfires in Illinois.

It is alleged that Schaefer was seen by witnesses getting out of a vehicle and igniting multiple small fires within the nature preserve, which then coalesced into a larger blaze.

Advertisement

Those witnesses were able to restrain the suspect until Lee County sheriff’s deputies arrested him.

Image taken by Lee County Sheriff’s Office

By the time firefighters arrived on scene the blaze had already spread, and multiple departments were called in to assist with the fire, including the Illinois Department of Natural Resources.

Firefighters were able to bring the blaze under control by the late afternoon, but not before it burned more than 700 acres, according to authorities.

Schaefer is also a suspect in several other arsons around Lee County, but he has not been charged in any other fires at this time.

Advertisement

Illinois State Police are assisting with the investigation, and no further information was immediately available.



Source link

Continue Reading

Illinois

Who is running for Illinois governor in 2026? What to know as primary Early Voting sites open

Published

on

Who is running for Illinois governor in 2026? What to know as primary Early Voting sites open


With Election Day for the 2026 Primary quickly approaching, many voters are considering who to mark their support for when they cast their ballot.

There are several big races on the ballot, including the gubernatorial race that has the potential to make history.

Though rumors are swirling that sitting Governor J.B. Pritzker has his eyes on a potential run for president in 2028, he’s still in the running for re-election. If he retains his seat, he’ll be the first Democratic governor to secure a third term in office in Illinois history.

While Pritzker is the only Democrat aiming for governor on the ballot, there is a slew of Republican candidates vying for a face-off with the incumbent in November.

Advertisement

Voters with their mind made up on which candidate they support can head to their local early voting site to cast their ballot before Election Day.

Though downtown sites and some across the suburbs have been open since early February, early voting sites will open in all 50 of Chicago’s and in several suburb on Monday, March 2.

For those still deciding how to mark their ballot, here’s a look at the gubernatorial candidates.

Democrats:

Governor J.B. Pritzker and Christian Mitchell

Current Governor of Illinois J.B. Pritzker is taking aim at a third term, promising to continue building on the work of his first two terms. According to his campaign website, some of his intentions for a third term include “[tackling] the affordability crisis,” continuing to protect access to reproductive health care in Illinois, and investing in education.

Advertisement

Chrisitan Mitchell is running alongside Pritzker for lieutenant governor. After representing the 26th District in the Illinois House of Representatives from 2013 to 2019, Mitchell served as deputy governor to Pritzker from 2019 to 2023. Mitchell led efforts to ban assault weapons, make Illinois a leader in clean energy and create jobs through infrastructure projects as deputy governor, according to his campaign bio.

Republicans:

Ted Dabrowski and Dr. Carrie Mendoza

Ted Dabrowski is a Wilmette resident and former president of Wirepoints, a media outlet focused on conservative economic policies and financial data. From 2011 to 2017, Dabrowski worked as a spokesperson and Vice President of Policy at the Illinois Policy Institute, a right-leaning think tank.

Dabrowski, who has never previously held political office, aims to cut and cap property tax rates, veto any and all tax increases, and repeal both Illinois’ sanctuary laws and zero-emissions energy policy, according to his campaign website.

“We must return power to the people, remove barriers to prosperity, embrace educational freedom, push political power down to its lowest level and restore the rule of law,” his campaign website says.

Advertisement

Dr. Carrie Mendoza, a Chicago-native with more than 25 years of experience as a physician, is running to be Dabrowski’s lieutenant governor, according to her campaign biography. Like Dabrowski, Mendoza has never held political office. Her campaign biography says she is “driven by innovation and a passion for justice.”

James Mendrick and Dr. Robert Renteria

The first Republican candidate to enter the race, DuPage County Sheriff James Mendrick is campaigning on a push for public safety initiatives.

Sheriff since 2018, Mendrick has partnered with DuPage County Health Department to provide Medicated Assisted Treatment to inmates fighting opioid addiction and advocated for the use of a drug deactivation pouch system to protect people and the state’s waterways from dangerous medications, according to his campaign website.

“He is committed to ending soft-on-crime policies, defending parental rights, and delivering quality education to every child in the state,” his campaign website says.

Advertisement

Dr. Roberta Renteria veteran of the U.S. Army and is a prolific author and activist, according to his campaign biography.

“Dr. Renteria uses his personal story, business acumen and leadership skills to address bullying, gangs, violence, drugs, suicides and school dropout,” his campaign biography says. His books and curriculums are taught in 25 countries around the world, and he has given many Ted Talks.

Darren Bailey and Aaron Del Mar

Former state senator Darren Bailey, who unsuccessfully ran for governor of Illinois in 2022, is giving another go at assuming the political seat. A third-generation downstate farmer, Bailey’s campaign is focused on reducing government spending, cutting taxes, and cracking down on crime, according to his campaign website.

In addition to his farm work, Bailey founded a private Christian school with his wife Cindy.

Advertisement

He fought against spending, raising taxes and sanctuary state policies while in the Illinois House and later in the State Senate.

Aaron Del Mar is an entrepreneur who became the youngest-ever Councilman for the Village of Palatine at 29 years old in 2016. He oversees public safety and infrastructure and guides community organizations in the position, according to his campaign biography.

Rick Heidner and Christina Neitzke-Troike

Though businessman Rick Heidner has never held office, he has led several notable companies, including Gold Rush Gaming, Ricky Rocket’s Fuel Centers, Prairie State Energy, and Heidner Properties, according to his campaign website.

A lifelong Illinoisian, Heidner is “running to make Illinois safe again, affordable again, and full of opportunity again,” his website says.

Advertisement

Christina Neitzke-Troike is looking to step up into the lieutenant governor seat from her current role as Mayor of Homer Glen after nearly two decades in several elected positions.

Neitzke-Troike hopes to bring her “unparalleled understanding of how state mandates affect local budgets, property taxes, and public services” to Springfield, according to her campaign biography.



Source link

Advertisement
Continue Reading

Trending