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Illinois Senate passes crypto bill to fight fraud and rug pulls

The Illinois Senate by a vote of 39 to 17 passed a regulatory bill aimed at curbing cryptocurrency fraud and protecting investors from deceptive practices, including rug pulls and misleading fee structures.

On April 10, the chamber passed Senate Bill 1797 (SB1797), also known as the Digital Assets and Consumer Protection Act, which Senator Mark Walker introduced in February.

The bill gives the Illinois Department of Financial and Professional Regulation authority to oversee digital asset business activity within the state.

Under the legislation, any entity engaging in digital asset business with Illinois residents must be registered with the state’s financial regulator. The bill also requires crypto service providers to offer advance full disclosure of user fees and charges.

Illinois Senate passes crypto bill to fight fraud and rug pulls

Bill SB1797. Source: Ilga.gov

“A person shall not engage in digital asset business activity, or hold itself out as being able to engage in digital asset business activity, with or on behalf of a resident unless the person is registered in this State by the Department under this Article […],” the bill states.

Related: Trump family memecoins may trigger increased SEC scrutiny on crypto

Walker has previously highlighted the need to address crypto-related fraud in Illinois. In an April 4 X post, he stated:

“The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud and deceptive practices. We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors.”

Illinois’ push for stronger oversight follows a wave of high-profile memecoin meltdowns and insider-led scams that have left retail investors with substantial losses.

In March, New York introduced Bill A06515, aiming to establish criminal penalties to prevent cryptocurrency fraud and protect investors from rug pulls.

Related: Trump’s tariff escalation exposes ‘deeper fractures’ in global financial system

Memecoin scams spark regulatory momentum

One of the most notorious recent cases was the collapse of the Libra token, a memecoin reportedly endorsed by Argentine President Javier Milei. In March, the project’s insiders allegedly withdrew over $107 million in liquidity, causing a 94% price crash and wiping out roughly $4 billion in market value.

Illinois Senate passes crypto bill to fight fraud and rug pulls

Libra token crash. Source: Kobeissi Letter

Insider scams and “outright fraudulent activities” like rug pulls, which are “not only unethical but also clearly illegal, with case law to support enforcement,” should see more thorough regulatory attention, Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, told Cointelegraph, adding:

“In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies.”

The latest meltdown occurred on March 16, after Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, launched a Wolf of Wall Street-inspired token (WOLF).

Illinois Senate passes crypto bill to fight fraud and rug pulls

Source: Bubblemaps

Over 82% of the token’s supply was held by the same entity, which led to a 99% price crash after the token peaked at a $42 million market capitalization.

Argentine lawyer Gregorio Dalbon has asked for an Interpol Red Notice to be issued for Davis, citing a “procedural risk” if Davis were to remain free as he could access vast amounts of money that would allow him to either flee the US or go into hiding.

Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked

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More children from Gaza to be brought to UK for urgent medical treatment

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More children from Gaza to be brought to UK for urgent medical treatment

Efforts to bring Gazan children to the UK for urgent medical treatment are set to be accelerated under new government plans.

Under the scheme, reportedly set to be announced within weeks, more injured and sick children will be treated by specialists in the NHS “where that is the best option for their care”.

It has been suggested that up to 300 children could arrive in the UK from Gaza.

A parent or guardian will accompany each child, as well as siblings if necessary, and the Home Office will carry out biometric and security checks before travel, the Sunday Times has reported.

It is understood this will happen “in parallel” with an initiative by Project Pure Hope, a group set up to bring sick and injured Gazan children to the UK privately for treatment.

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A 15-year-old boy from Gaza brought to the UK for urgent medical treatment this week has told Sky News of his joy and relief. Majd lost part of his face as well as his entire jaw and all his teeth in a tank shell explosion.

A government spokesperson said: “We are taking forward plans to evacuate more children from Gaza who require urgent medical care, including bringing them to the UK for specialist treatment where that is the best option for their care.”

More than 50,000 children are estimated to have been killed or injured in Gaza since October 2023, according to Unicef.

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So far, three children have arrived in the UK for medical treatment with the help of the charity Project Pure Hope.

Around 5,000 have been evacuated in total, with the majority going to Egypt and Gulf countries.

Sir Keir Starmer said last week that the UK was “urgently accelerating” efforts to bring children over for treatment.

The government has also pledged another £1m to help the World Health Organisation in Egypt provide medical support to evacuated Gazans.

The prime minister told the Mirror: “I know the British people are sickened by what is happening.

“The images of starvation and desperation in Gaza are utterly horrifying. We are urgently accelerating efforts to evacuate children from Gaza who need critical medical assistance – bringing more Palestinian children to the UK for specialist medical treatment.”

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Around 100 MPs have signed a letter urging the government to fast track the scheme.

Labour MP Stella Creasy, who co-ordinated the letter, said: “The commitment we all share to help these children remains absolute and urgent – with every day, more are harmed or die, making the need to overcome any barriers to increasing the support we give them imperative.

“We stand ready to support whatever it takes to make this happen and ask for your urgent response.”

Meanwhile, Project Pure Hope has been campaigning for months to create a scheme which would allow for the evacuation of 30 to 50 children.

The charity has raised the money to bring the children and their families to the UK, and cover their medical costs, privately.

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The token is dead, long live the token

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The token is dead, long live the token

The token is dead, long live the token

Crypto tokens have failed retail investors through insider concentration and poor design. Regulation and tokenized real-world assets offer hope for revival.

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Clampdown on social media ads for Channel crossings unveiled

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Clampdown on social media ads for Channel crossings unveiled

Anyone who advertises Channel crossings or fake passports on social media could face up to five years in prison under new government plans.

Research suggests about 80% of migrants arriving to the UK by small boat used internet platforms during their journey – including to contact agents linked to smuggling gangs.

While it is already illegal to assist illegal immigration, ministers hope the creation of a new offence will give police more powers and disrupt business models.

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Small boat crammed with migrants in Channel

Home Secretary Yvette Cooper is also planning to introduce a fast-track scheme to tackle the asylum backlog, meaning decisions will be made within weeks.

It comes as official figures show more than 25,000 people have arrived on small boats so far in 2025 – a record for this point in the year.

Ms Cooper said it is “immoral” for smugglers to sell false promises online, adding: “These criminals have no issue with leading migrants to life-threatening situations using brazen tactics on social media.

“We are determined to do everything we can to stop them, wherever they operate.”

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The new offence prohibiting the online promotion of Channel crossings is set to be included in the Border Security, Asylum and Immigration Bill already going through Parliament.

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More migrants arrive in Dover

Officials from the National Crime Agency already work with tech giants to remove such posts – with more than 8,000 taken offline last year.

A Preston-based smuggler who was jailed for 17 years had posted videos of migrants thanking him for his help.

Meanwhile, Albanian smugglers have created promotions for £12,000 “package deals” which claim to offer accommodation and a job in the UK on arrival.

The Conservatives have described the measures as “too little, too late” – and say automatic deportations are the only way to tackle small boat crossings.

Shadow home secretary Chris Philp said: “Labour still has no clear plan to deter illegal entry, no effective enforcement and no strategy to speed up removals. This is a panicked attempt to look tough after months of doing nothing.”

Read more UK news:
Inside prison doing family visits differently
UK’s most wanted man on run for 20 years
Couple relive watching hours of riot chaos

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Waves and kisses from asylum hotel window

It comes as protests outside hotels believed to be housing asylum seekers continue in towns and cities across the UK.

Several demonstrators were detained – with police breaking up brief clashes – outside the Thistle City Barbican Hotel in north London yesterday.

The government is legally required to provide accommodation and subsistence to destitute asylum seekers while their claims are being decided, most of whom are prohibited from working.

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