SB1797 - 104th General Assembly (2025-2026)

DIGITAL ASSETS & CONS PROT ACT
Last Action
08/18/2025 - Senate: Public Act . . . . . . . . . 104-0428
Statutes Amended In Order of Appearance
New Act  
5 ILCS 140/7.5  
30 ILCS 105/5.1030 new  
205 ILCS 5/2  from Ch. 17, par. 302
205 ILCS 5/30  from Ch. 17, par. 337
205 ILCS 620/1-5.08  from Ch. 17, par. 1551-5.08
205 ILCS 620/2-1  from 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 620/4-1  from Ch. 17, par. 1554-1
205 ILCS 620/4-2  from Ch. 17, par. 1554-2
205 ILCS 620/4-5  from Ch. 17, par. 1554-5
205 ILCS 620/4A-15  
205 ILCS 620/5-1  from Ch. 17, par. 1555-1
815 ILCS 505/2HHHH new  
Synopsis As Introduced
Creates the Digital Assets and Consumer Protection 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.

Senate Committee Amendment No. 1
Provides that any reference to the Act shall include any rules adopted in accordance with the Act. In provisions concerning control over a registrant, provides that there is a rebuttable presumption of control (rather than a person has control over a registrant) if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing 10% or more of the then outstanding voting securities issued by the registrant. Corrects cross-references and typographical errors. Makes other changes.

Senate Floor Amendment No. 2
Replaces everything after the enacting clause. Reinserts the provisions of the bill, as amended by Senate Amendment No. 1, with changes that include the following. Provides that "digital asset business activity" does not include (1) peer-to-peer exchanges or transfers of digital assets, (2) decentralized exchanges facilitating peer-to-peer exchanges or transfers solely through use of a computer program or a transaction protocol that is intended to automatically execute, control, or document events and actions, and (3) the development and dissemination of software in and of itself. Provides that "digital asset administration" does not include the issuance of a non-fungible token in and of itself. Defines "non-fungible token". Makes changes in provisions concerning rebuttable presumptions of control and the application of the Act. Makes other changes. Effective immediately.

House Committee Amendment No. 1
Makes changes to defined terms. In provisions concerning applicability of the Act, provides that the Act does not apply to a person who (A) contributes connectivity software or computing power or otherwise participates in the process of securing a network, (B) records digital asset transactions to the network or protocol governing transfer of the digital representation of value, or (C) develops, publishes, constitutes, administers, maintains, or otherwise distributes software relating to the a network, so long as the person does not control transactions of digital assets on the network. In provisions concerning rulemaking, includes rules in connection with the adoption of reciprocity agreements between the Department of Financial and Professional Regulation and the appropriate licensing agency of another state to register a covered person on an expedited basis.
Actions
DateChamberAction
02/06/2025SenateFiled with Secretary by Sen. Mark L. Walker
02/06/2025SenateFirst Reading
02/06/2025SenateReferred to Assignments
02/18/2025SenateAssigned to Executive
03/12/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Mark L. Walker
03/12/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
03/18/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Executive
03/18/2025SenateAdded as Co-Sponsor Sen. Karina Villa
03/19/2025SenateAdded as Co-Sponsor Sen. Rachel Ventura
03/19/2025SenateAdded as Co-Sponsor Sen. Mike Porfirio
03/21/2025SenateRule 2-10 Committee Deadline Established As April 4, 2025
04/03/2025SenateSenate Committee Amendment No. 1 Adopted
04/03/2025SenateDo Pass as Amended Executive; 008-004-000
04/03/2025SenatePlaced on Calendar Order of 2nd Reading April 4, 2025
04/04/2025SenateAdded as Chief Co-Sponsor Sen. Graciela Guzmán
04/04/2025SenateAdded as Chief Co-Sponsor Sen. Cristina Castro
04/04/2025SenateAdded as Chief Co-Sponsor Sen. Laura Ellman
04/04/2025SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Mark L. Walker
04/04/2025SenateSenate Floor Amendment No. 2 Referred to Assignments
04/08/2025SenateSenate Floor Amendment No. 2 Assignments Refers to Executive
04/08/2025SenateSecond Reading
04/08/2025SenatePlaced on Calendar Order of 3rd Reading April 9, 2025
04/09/2025SenateAdded as Co-Sponsor Sen. Paul Faraci
04/09/2025SenateAdded as Co-Sponsor Sen. Christopher Belt
04/09/2025SenateAdded as Co-Sponsor Sen. Javier L. Cervantes
04/09/2025SenateSponsor Removed Sen. Michael W. Halpin
04/09/2025SenateAdded as Co-Sponsor Sen. Michael E. Hastings
04/09/2025SenateAdded as Co-Sponsor Sen. Robert Peters
04/09/2025SenateSenate Floor Amendment No. 2 Recommend Do Adopt Executive; 009-004-000
04/10/2025SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
04/10/2025SenateAdded as Co-Sponsor Sen. Adriane Johnson
04/10/2025SenateRecalled to Second Reading
04/10/2025SenateSenate Floor Amendment No. 2 Adopted; Walker
04/10/2025SenatePlaced on Calendar Order of 3rd Reading
04/10/2025SenateThird Reading - Passed; 039-017-000
04/10/2025SenateAdded as Co-Sponsor Sen. Mike Simmons
04/10/2025HouseArrived in House
04/10/2025HouseChief House Sponsor Rep. Edgar González, Jr.
04/11/2025HouseFirst Reading
04/11/2025HouseReferred to Rules Committee
04/17/2025HouseAssigned to Financial Institutions and Licensing Committee
05/09/2025HouseRule 19(a) / Re-referred to Rules Committee
05/23/2025HouseAssigned to Financial Institutions and Licensing Committee
05/23/2025HouseCommittee/Final Action Deadline Extended-9(b) May 31, 2025
05/27/2025HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Edgar González, Jr.
05/27/2025HouseHouse Committee Amendment No. 1 Referred to Rules Committee
05/27/2025HouseMotion Filed to Suspend Rule 21 Financial Institutions and Licensing Committee; Rep. Bob Morgan
05/27/2025HouseMotion to Suspend Rule 21 - Prevailed 075-039-000
05/28/2025HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
05/28/2025HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
05/28/2025HouseDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 007-004-000
05/28/2025HousePlaced on Calendar 2nd Reading - Short Debate
05/28/2025HouseSecond Reading - Short Debate
05/28/2025HouseHeld on Calendar Order of Second Reading - Short Debate
05/29/2025HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly
05/30/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
05/30/2025HouseThird Reading - Short Debate - Passed 076-038-001
05/30/2025SenateSecretary's Desk - Concurrence House Amendment(s) 1
05/30/2025SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 30, 2025
05/31/2025SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Mark L. Walker
05/31/2025SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
05/31/2025SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive
05/31/2025SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 009-004-000
06/01/2025Senate3/5 Vote Required
06/01/2025SenateHouse Committee Amendment No. 1 Senate Concurs 041-015-000
06/01/2025SenateSenate Concurs
06/01/2025SenatePassed Both Houses
06/30/2025SenateSent to the Governor
08/18/2025SenateGovernor Approved
08/18/2025SenateEffective Date August 18, 2025
08/18/2025SenatePublic Act . . . . . . . . . 104-0428