Brian Schneider, Secretary of the Illinois Department of Financial and Professional Regulation (IDFPR), has requested public comments on Digital Currency Regulatory Guidance. Comments are due by January 18, 5:00PM CST. Comments can be submitted electronically here.
In the most simple of terms, the IDFPR is looking for commentary and guidance on the fundamental questions around how virtual currency business should be regulated and taxed in Illinois. Virtual currencies do not fit under the current statues, and the IDFPR would like guidance on how the current statutes, such as TOMA, should apply to virtual currencies.