Bitcoin and the Cryptocurrency Industry Face Tighter Regulations in Illinois
As the cryptocurrency market continues to evolve, regulators are stepping up their efforts to protect consumers and ensure the stability of the financial system. In a recent development, Illinois has proposed stricter rules for the crypto industry, aiming to tackle fraud and noncompliance among crypto businesses.
Illinois Proposes Stricter Rules for Crypto Industry
The Illinois Senate has voted to send SB1797, also known as the Digital Assets and Consumer Protection Act, to tighten rules for crypto companies and punish fraud. Introduced by State Senator Mark Walker in February 2023, the bill allows the Illinois Department of Financial and Professional Regulation (IDFPR) to regulate and punish noncompliant crypto businesses. The Senate Executive Committee approved the law on Thursday as a defense measure against cryptocurrency scams that stole $163 million from Illinois residents in 2023. Separately, the Illinois General Assembly passed HB1844, which aims to create a reserve of Bitcoins controlled by the state, allowing donations to be held for five years.
Polymarket Bettors’ Recession Odds Surge Over 50% Amid Market Decline
Following Donald Trump’s unveiling of sweeping global tariffs, 60% of Polymarket bettors now predict a 2025 recession, a nine-point jump in 24 hours. The Dow cratered nearly 3,700 points in two days, but Bitcoin climbed to over $84K, potentially signaling investor flight to digital hedges. Trump’s aggressive trade rhetoric has sent shockwaves through financial markets, fueling fears of an economic slowdown.
U.S. SEC Overhauls Approach to Digital Asset Regulations Under New Leadership
The U.S. Securities and Exchange Commission (SEC) is reassessing its guidelines on cryptocurrency regulations under new leadership. Acting Chairman Mark Uyeda announced that the agency will review several staff statements on crypto regulations, citing Executive Order 14192 and recommendations from the Department of Government Efficiency (DOGE). The review targets guidance issued under the Biden administration that focuses on digital assets and related markets. This recent action demonstrates a new direction towards deregulation efforts at the SEC, particularly for Bitcoin futures and digital asset custody frameworks.
Bitcoin Outshines Gold as a Store of Value Amid Market Crisis
U.S. Treasury Secretary Scott Bessent has recognized Bitcoin (BTC) as a “store of value” similar to gold. This recognition comes amid global financial instability and stock market declines intensified by U.S. President Donald Trump’s aggressive tariff policies. Bitcoin’s resilience has attracted investors seeking alternative investments to stocks. As traditional stock markets suffered, Bitcoin demonstrated different trends, highlighting its potential as a long-term investment.
Panic Markets: $3.25 Trillion Erased In 24 Hours, Bitcoin Resists
On April 4, 2025, the American markets lost $3.25 trillion in valuation in a single day, triggered by tariff measures from President Trump. This brutal correction exceeds the total market capitalization of crypto. The announcement of a 10% tax on all imports and a mechanism for tariff reciprocity towards countries imposing trade barriers on American products caused a financial earthquake on Wall Street. Despite this, Bitcoin has shown resilience. Analysts are closely monitoring this economic turning point.
