Illinois General Assembly - Bill Status for SB3666
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 Bill Status of SB3666  103rd General Assembly


Short Description:  DIGITAL ASSETS REGULATION ACT

Senate Sponsors
Sen. Laura Ellman - Suzy Glowiak Hilton - Ann Gillespie - Bill Cunningham, David Koehler, Lakesia Collins, Doris Turner, Karina Villa, Laura Fine, Elgie R. Sims, Jr., Rachel Ventura, Robert Peters, Mike Porfirio, Robert F. Martwick, Mary Edly-Allen and Adriane Johnson

Last Action
DateChamber Action
  4/10/2024SenatePostponed - Executive

Statutes Amended In Order of Appearance
New Act
5 ILCS 140/7.5
30 ILCS 105/5.1015 new
205 ILCS 5/2from Ch. 17, par. 302
205 ILCS 5/30from Ch. 17, par. 337
205 ILCS 620/1-5.08from Ch. 17, par. 1551-5.08
205 ILCS 620/2-1from Ch. 17, par. 1552-1
205 ILCS 620/Art. IIA heading new
205 ILCS 620/2A-1 new
205 ILCS 620/2A-2 new
205 ILCS 620/2A-3 new
205 ILCS 620/2A-4 new
205 ILCS 620/4-1from Ch. 17, par. 1554-1
205 ILCS 620/4-2from Ch. 17, par. 1554-2
205 ILCS 620/4-5from Ch. 17, par. 1554-5
205 ILCS 620/4A-15
205 ILCS 620/5-1from Ch. 17, par. 1555-1
815 ILCS 505/2EEEE new


Synopsis As Introduced
Creates the Digital Assets Regulation Act. Provides that the Department of Financial and Professional Regulation shall regulate digital asset business activity in the State. Sets forth provisions concerning: applicability; the powers and duties of the Department; funds; customer protections; custody and protection of customer assets; covered exchanges; compliance; registration; supervision; records; additional procedural provisions; confidentiality; violations; enforcement; rulemaking authority; and severability. Creates the Special Purpose Trust Company Article in the Corporate Fiduciary Act. Sets forth provisions concerning certificates of authority; rulemaking and organization; certificates of authority for foreign corporate fiduciaries; eligibility; fees; and certificates of reciprocity. Makes other changes to various Acts. Effective immediately.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Laura Ellman
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  3/5/2024SenateAssigned to Executive
  3/7/2024SenateAdded as Co-Sponsor Sen. David Koehler
  3/7/2024SenateAdded as Co-Sponsor Sen. Lakesia Collins
  3/7/2024SenateAdded as Co-Sponsor Sen. Doris Turner
  3/7/2024SenateAdded as Co-Sponsor Sen. Karina Villa
  3/7/2024SenateAdded as Co-Sponsor Sen. Laura Fine
  3/7/2024SenateAdded as Chief Co-Sponsor Sen. Suzy Glowiak Hilton
  3/7/2024SenateAdded as Co-Sponsor Sen. Elgie R. Sims, Jr.
  3/7/2024SenateAdded as Co-Sponsor Sen. Rachel Ventura
  3/8/2024SenateAdded as Chief Co-Sponsor Sen. Ann Gillespie
  3/8/2024SenateAdded as Chief Co-Sponsor Sen. Bill Cunningham
  3/11/2024SenateAdded as Co-Sponsor Sen. Robert Peters
  3/12/2024SenateAdded as Co-Sponsor Sen. Mike Porfirio
  3/12/2024SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  3/12/2024SenateAdded as Co-Sponsor Sen. Robert F. Martwick
  3/12/2024SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
  3/12/2024SenateAdded as Co-Sponsor Sen. Adriane Johnson
  3/13/2024SenateSponsor Removed Sen. Michael E. Hastings
  3/15/2024SenateRule 2-10 Committee Deadline Established As April 5, 2024
  4/5/2024SenateRule 2-10 Committee Deadline Established As April 19, 2024
  4/10/2024SenatePostponed - Executive
  4/12/2024SenateRule 2-10 Third Reading Deadline Established As May 3, 2024

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