Illinois General Assembly - Full Text of HB2540
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Full Text of HB2540  101st General Assembly


Sen. Thomas Cullerton

Filed: 5/3/2019





10100HB2540sam001LRB101 06907 RJF 60058 a


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9    (c) This Section is repealed January 1, 2022.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