Illinois Senate passes crypto bill to fight fraud and rug pulls

Published

5 months ago

April 11, 2025

admin

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.

“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.

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.

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.

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).

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

Politics

Kemi Badenoch accuses Sir Keir Starmer of ‘lying’ about Peter Mandelson prior to sacking him

Published

14 hours ago

September 13, 2025

admin

Kemi Badenoch accuses Sir Keir Starmer of 'lying' about Peter Mandelson prior to sacking him

Kemi Badenoch has accused Sir Keir Starmer of “lying to the whole country” about what he knew regarding Peter Mandelson’s correspondence with Jeffrey Epstein.

Lord Mandelson was this week stripped of his position as ambassador to the US amid fresh scrutiny over his years-long friendship with the convicted paedophile.

The prime minister initially defended the Labour peer but removed him from his post on Thursday after newly seen emails revealed he sent messages of support to Epstein even as he faced jail for sex offences in 2008.

Politics latest: ‘Unite the Kingdom’ rally takes place with counterprotest nearby

The Times has now reported that Downing Street and the Foreign Office were aware of the emails on Tuesday – a day before Sir Keir gave Lord Mandelson his backing at Prime Minister’s Questions (PMQs).

In a post on X, Conservative leader Ms Badenoch wrote: “Looks like the Prime Minister and Labour MPs spent the week lying to the whole country about what they knew regarding Mandelson’s involvement with convicted paedophile Jeffrey Epstein.”

She continued: “If No 10 had those emails for 48 hours before acting, it means he lied at PMQs and ministers lied again about new additional information. These are yet more errors of judgment.

“The Prime Minister has very serious questions to answer. The only way to clear this up is full transparency about who knew what, and when.”

👉 Listen to Sky News Daily on your podcast app 👈

Sources said Sir Keir was not aware of the contents of the emails when he told MPs he had “confidence” in Lord Mandelson.

A media enquiry outlining details of the messages between Lord Mandelson and Epstein was sent to the Foreign Office on Tuesday, and passed on to Number 10.

Sir Oliver Robbins, the permanent under-secretary at the Foreign Office, asked Lord Mandelson about the emails on Tuesday, but did not receive a response until the following day.

Sir Keir is understood not to have been aware of the contents of the emails until Wednesday evening.

Speaking to Sky News, one Labour MP has called for more information on what happened behind closed doors at No 10 this week.

Jo White, MP for Bassetlaw, in Nottinghamshire, said: “We cannot move on until we find out how he [Sir Keir] was not briefed properly before PMQs.”

“What he needs to do now is get on top and sort out this mess,” she said. “Suspend the whip from Peter Mandelson and expel him from the party, then have a transparent enquiry about what went wrong at No.10.”

This came as Sir Keir enjoyed some time away from Downing Street.

The prime minister was on Saturday pictured watching Arsenal face Nottingham Forest in a Premier League match at the Emirates Stadium.

Lord Mandelson’s exit came after less than a fortnight after another high-profile loss for the Labour government, as Angela Rayner was forced to quit as deputy prime minister and deputy Labour leader over her tax affairs.

As Sir Keir has faced a scandal-hit start to the month, a growing number of Labour MPs have begun calling his leadership into question.

Lucy Powell, who is running to replace Ms Rayner as Labour’s deputy leader, has called for a “change of culture” at Downing Street.

“We’ve got a bit of a groupthink happening at the top, that culture of not being receptive to interrogation, not being receptive to differing views,” she told The Guardian newspaper.

Meanwhile, senior Labour MP Emily Thornberry has written to the new foreign secretary, Yvette Cooper, demanding answers about the vetting process for UK diplomats in the wake of Lord Mandelson’s sacking.

Politics

Man admits arson after major fire at MP Sharon Hodgson’s constituency office

Published

20 hours ago

September 13, 2025

admin

Man admits arson after major fire at MP Sharon Hodgson's constituency office

A man has admitted arson after a major fire at an MP’s constituency office.

Joshua Oliver, 28, pleaded guilty to starting the fire which destroyed the office of Labour MP Sharon Hodgson, at Vermont House in Washington, Tyne and Wear.

The fire also wrecked a small charity for people with very rare genetic diseases and an NHS mental health service for veterans.

The guilty plea was entered at Newcastle Magistrates’ Court on the basis that it was reckless rather than intentional.

The Crown did not accept that basis of plea.

Oliver, of no fixed address, had been living in a tent nearby, the court heard.

Northumbria Police previously said it was “alerted to a fire at a premises on Woodland Terrace in the Washington area” shortly after 12.20am on Thursday.

“Emergency services attended and no one is reported to have been injured in the incident,” it added.

Drone footage from the scene showed extensive damage to the building.

A spokesperson for the Crown Prosecution Service said: “Our prosecutors have worked to establish that there is sufficient evidence to bring the case to trial and that it is in the public interest to pursue criminal proceedings.

“We have worked closely with Northumbria Police as they carried out their investigation.”

Oliver was remanded in custody and will appear at Newcastle Crown Court on Tuesday, 14 October.