Illinois Senate Advances Digital Assets and Consumer Protection Act to Combat Crypto Fraud

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The Illinois Senate has voted to move forward with a bill aimed at stopping crypto scams. On April 10, 2025, lawmakers passed the Digital Assets and Consumer Protection Act. The goal is simple—cut down on fraud and protect people from being tricked. Illinois ranked sixth in the U.S. last year for money lost to crypto scams. That number was too high, and now lawmakers are stepping in to make changes.

For many new investors, finding fresh coins means checking a trusted crypto presales list. These lists are often the first place people go when looking for early deals on new tokens. Getting in early can sometimes mean better growth chances. Even so, it’s important to stick with trusted sources. Review sites that carefully check details can help people avoid falling for fake coins or shady scams.

This new law would also stop crypto firms from hiding their costs. Every fee would need to be clear from the start. No more surprises. That helps users make better choices when spending their money. It also means fewer chances for companies to take advantage of people who don’t know the fine print.

Anyone thinking about crypto should also be aware of the risks. Companies would be required to explain what might go wrong. People need facts to decide for themselves. These firms would also need to show they can return customer funds if something goes wrong. That gives people more confidence when trying something new.

Senator Mark Walker helped lead the push for the bill. He said the law is about keeping people safe. Crypto can be exciting and open the door to new kinds of investment, but it’s not always secure. Illinois has seen scams like the Libra and WOLF tokens, where investors lost everything. In those cases, a few people had too much control and no real checks in place.

The law also asks crypto companies to fight fraud and improve their online safety. They’ll need to block hackers, spot shady behaviour, and help stop money laundering. These rules won’t apply to people who trade casually with friends or use some types of automated tools. NFTs are also excluded from the law.

At the moment, the bill is waiting for a vote in the Illinois House. If it passes there, it will go to the governor. Once signed, it becomes law. Other states are looking at similar steps. New York already has its own rules in place. More areas are now realising they need clearer rules to keep up with fast changes in digital finance.

If this bill becomes law, Illinois could be seen as a leader in crypto fairness. The message is simple—crypto should be safe, and companies need to act responsibly. Honest businesses will already be doing the right thing. This law will help call out the ones that aren’t. People should be able to try new things with confidence, not fear. That’s what this is really about.