Harper’s Innovative Blockchain Business Bill Advances Through Illinois House

SPRINGFIELD, Ill. – State Rep. Sonya Harper, D-Chicago, won unanimous support in the Illinois
House for her measure to help businesses expand and grow by using emerging blockchain
technologies.

“We must support innovations such as blockchain in order to make our state a more attractive place to
live and work and to make Illinois a leader in new applications of technology for consumers and
businesses,” said Harper. “But it’s not just about supporting consumers and businesses because we can
also use modern technology to make government more open and transparent to citizens.”

Harper’s House Bill 2540 creates a new entity for organizing a business in the Illinois, the blockchain-
based limited liability company (BBLLC). Businesses that use blockchain for the main portion of their
activities could utilize a custom governance structure that recognizes the decentralized and open nature
of blockchain technology as a BBLLC. Additionally, the bill would require state government to study
and deliver a report to the General Assembly on utilizing blockchain technology to store public records
and utilizing blockchain technology in banking.

“Illinois has a unique opportunity to help lead the nation in supporting new and innovative applications
of blockchain technology to develop new businesses and to make government more accountable and
open,” Harper added. “Our state needs to capitalize on the emergence of new technologies in order to
be a leader in the modern economy and help provide good jobs and new opportunities to every part of
Illinois.”