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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why This Crypto Bill Advancing In Illinois is Worrying For DeFi, NFTs, Gaming, and Blockchain

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Illinois Crypto Bill

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A bill, HB3479, sponsored by Representative Mark L. Walker, has advanced in Illinois and should be a concern for what the proposal lays out for crypto, blockchain, and decentralized finance (DeFi).

The Bill In Illinois

On March 8, the bill was placed on the calendar’s second reading for a short debate and came roughly two weeks when Mark L. Walker filed it on February 17, 2023. At this stage, there are plans to make amends to several statutes describing the bill, which, if it becomes law, may affect Bitcoin and crypto valuations.

Bitcoin Price On March 9
Bitcoin Price On March 9| Source: BTCUSDT On Binance, TradingView

What’s worrying for parties and organizations opposing this bill is that should it be passed, it will only be weeks before the bill becomes law.

Though proponents of a section of the bill, labeled the Digital Assets Regulation Act (DARA), say it has received broader crypto industry support, only a few people know the proposal’s details and what it means.

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When the bill was first filed, the proposer said the goal was to create a Uniform Money Transmission Modernization Act and the Digital Assets Regulation Act (DARA). However, should it become law, its provisions would exceed the statutes provided by the Transmitters of Money Act.

Specifically, under DARA, the Department of Financial and Professional Regulation shall regulate digital asset business activity in Illinois.

Under this act, there will be provisions to ensure client’s interests are protected while crypto businesses remain compliant with laid down rules.

There will be guidelines for how regulated crypto businesses should obtain licenses and further “restrictions and prohibitions.”

What DARA Means To Crypto and Blockchain Activities

Digging deeper, should DARA become law, it means digital asset activities not sanctioned by the state will be illegal. Those facilitating them will be committing a felony under Illinois rules. That permission will be required for crypto activity within the state would have far-reaching ramifications across the crypto, blockchain, DeFi, and even the NFT sector.

In essence, under conditions set by DARA, the bill would ban DeFi protocols and core blockchain infrastructure like block validation.

Last night in Illinois, a bill advanced that would make unlicensed “digital asset business activity” (i.e., most blockchain activities) a felony.

If the House passes the bill, it could become law in a matter of weeks.

Alliance opposes the Digital Assets Regulation Act (DARA).

— Alliance (@alliancedao) March 8, 2023

Subsequently, this would, in turn, set the base for the state to capture and control all activities driven by DeFi, mining, gaming, and more, even though they may be smart contracts driven.

Furthermore, the bill grants the state more powers to investigate unapproved digital asset transactions, even arrest facilitators whom they are convinced committed a felony.

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Will the SEC-Paxos Clash Translate to Crypto Turmoil? Tokens to Ditch and Hoard this Month

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Crypto remains under scrutiny from regulators, especially in the United States. In February, the Securities and Exchange Commission (SEC) said Paxos’ BUSD, a stablecoin, are unregistered securities. Later, the New York Department of Financial Services (NYDFS) ordered the stablecoin minter from issuing new tokens.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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