Harper’s Blockchain Technology Bill Now Law

SPRINGFIELD, Ill. – A measure from state Rep Sonya Harper, D-Chicago, to promote the use of blockchain technology by businesses in Illinois is now law.

“Building a stronger Illinois means supporting innovations like blockchain technology that will help make our state more attractive to new businesses and technology entrepreneurs,” Harper said. “The possibilities of blockchain technology, from banking to retail, have the ability to fundamentally reshape our economy in a positive manner.”

Harper sponsored House Bill 2540 to develop opportunities for the adoption of blockchain technology by businesses in Illinois. Under Harper’s bill, the Illinois Department of Commerce and Economic Opportunity (DCEO) is required to include discussion of blockchain technology in its business support and economic development programs by highlighting educational and workforce opportunities related to this emerging technology, including in the banking, insurance, retail and service sectors. Harper’s measure also requires the Illinois Department of Financial and Professional Regulation (IDFPR) to study the application of blockchain technology to banking and report regulatory recommendations to the Governor and General Assembly by the beginning of 2021.

“To be a leader in the modern economy, help provide good jobs to every part of Illinois and build a stronger middle class, our state must take the opportunity to capitalize on the emergence of new technologies like blockchain,” Harper said. “I’m thankful to my colleagues in the General Assembly and Governor Pritzker for recognizing the importance of adopting and promoting blockchain technology in Illinois.”

Harper represents the 6th District, which includes all or portions of Armour Square, Bridgeport, Chicago Lawn, Englewood, Gage Park, Back of the Yards, Canaryville, New City, West Englewood, Marquette Park, South Loop and River North.