Sen. Thomas Cullerton
Filed: 5/3/2019
 
 

 

 

 
10100HB2540sam001LRB101 06907 RJF 60058 a



1
AMENDMENT TO HOUSE BILL 2540 




2    AMENDMENT NO. ______. Amend House Bill 2540 by replacing 
3everything after the enacting clause with the following:

 
 
4    "Section 1. Short title. This Act may be cited as the 
5Blockchain Business Development Act.
 
6    Section 5. Definitions. As used in this Act:

7    "Blockchain" means an electronic record created by the use

8of a decentralized method by multiple parties to verify and

9store a digital record of transactions which is secured by the

10use of a cryptographic hash of previous transaction

11information.
12    "Blockchain technology" means computer software or 
13hardware or collections of computer software or hardware, or 
14both, that utilize or enable a blockchain.

 
15    Section 10. Blockchain banking study.

 
 
10100HB2540sam001- 2 -LRB101 06907 RJF 60058 a

1    (a)   The Department of Financial and Professional 
2Regulation shall review the potential application of 
3blockchain technology to the provision of banking, and consider 
4areas for potential adoption and any necessary regulatory 
5changes in Illinois.

6    (b)   On or before January 1, 2021, the Department shall 
7submit a report of its findings and recommendations to the 
8Governor and General Assembly.

9    (c)   This Section is repealed January 1, 2022.

 
10    Section 15. Blockchain and financial technology promotion. 
11The Department of Commerce and Economic Opportunity shall 
12incorporate into one or more of its economic development 
13marketing and business support programs, events, and 
14activities the following topics:
     
15        (1)   opportunities to promote blockchain technology and 
16    financial technology-related economic development in the 
17    private sector, including in the areas of banking, 
18    insurance, retail and service businesses, and 
19    cryptocurrency;

20        (2)   legal and regulatory mechanisms that enable and 
21    promote the adoption of blockchain technology and 
22    financial technology in this State; and

23        (3)   educational and workforce training opportunities 
24    in blockchain technology, financial technology, and 
25    related areas.".