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[UPDATED] Illinois Bill Regulating Blockchains Dies In Committee




Illinois House Bill 5553 missed a committee deadline. The bill would have specified what restrictions could or could not be placed on blockchains, and would have prohibited local governments from taxing them.

UPDATED | July 3, 2018:

Per Illinois Senate Rule 3-9, HB5553 has been sent back to the Senate Committee on Assignments. This committee now has the option of re-referring the bill to another committee for further consideration, possibly leading to a revival of the bill.

ORIGINAL | June 4, 2018: 

ETHNews had previously reported that Illinois was considering a law aimed at clarifying the legal status of blockchain technology. However, it now appears that, after failing to meet a procedural deadline, HB5553 has died in committee.

Like many state laws already passed (such as in Arizona and Tennessee) or currently being considered (such as those in Ohio and New York), the bill would have provided a legal definition of blockchains and "smart contracts" (also known as EDCCs). The Illinois bill also featured a provision similar to one in Nevada, prohibiting local governments from banning or taxing the use of blockchains.

However, the bill was unusual in that it prohibited several specific uses of blockchains. The proposed law would have mandated that information that is required to be transmitted in "a specified method, or to contain information that is formatted in a certain matter" still conform to those existing standards. The bill also stated that health insurance and public utility cancellation and foreclosure notification requirements could not be satisfied through the use of blockchains.

Tim Prentiss

Tim Prentiss has a master’s degree in journalism from the University of Nevada, Reno. He lives in Reno with his daughter. In his spare time he writes songs and disassembles perfectly good electronic devices.

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