Illinois will soon become the 3rd state in the U.S. to pass legislation that would favor Bitcoin with a new digital asset charter, which will be granted to a special purpose trust company instead of a traditional bank.
Announced by crypto-advocate and Wall Street Veteran Caitlin Long, Illinois will be the third state, followed by Nebraska and Wyoming, to embrace cryptocurrencies as part of their plans to explore emerging financial technologies.
ILLINOIS abt to be 3rd US state, after #Wyoming & #Nebraska, to create a new #digitalasset charter (IL’s is a special-purpose trust co, not a bank. Unclear if it’ll be authorized to accept US$ deposits–that’ll come out in rules later). Final vote Monday🤞https://t.co/P4mC2x2ZmD
— Caitlin Long 🔑 (@CaitlinLong_) May 21, 2021
Illinois Taking Further Steps Towards Crypto
On March 23, 20201, the Illinois House committee on Financial Institutions unanimously passed a bill to create a banking charter for a Special Purpose Trust company. The bill could come into force in May, with final votes happening on Monday – May 24.
Blockchain and cryptocurrencies have been in the state’s sight for quite some time. Illinois made a giant step towards adoption when it legalized blockchain-based smart contracts. As reported, Rep. Keith Wheeler introduced a bill called the Blockchain technology Act, which could benefit the industry under certain circumstances.
Spreading Crypto Adoption Across the U.S.
Caitlin Long is in a Wyoming Blockchain Select Committee. Together with an expert team, she has helped to introduce cryptocurrencies into the state, making Wyoming the first in the country to embrace digital assets and blockchain technology —attracting several high-profile crypto companies like Ripple due to its crypto-friendly laws.
The efforts of Long and her team attempt to spark a chain reaction across the country as more states are currently exploring Bitcoin adoption. As reported by CryptoPotato, North Dakota started accepting BTC as payment for utility bills, joining its neighbors on the search and adoption of new investment and technological opportunities
Wyoming is currently the biggest state in the U.S. that has embraced blockchain and crypto, and soon more states could follow suit if their implementations turn out successful.