HB3968 Digital Custodial Trust

What’s happening? Illinois is considering HB 3968 (2021 | IL) that would create a special purpose depository trust for digital assets.

Why is this important? Because digital assets reside in packets scattered across multiple platforms, what custodial obligations the custodians have is unclear.

How will this be important? Custody of digital assets will be important as digital assets are increasingly welcome as payment methods.

Chicago Tribune via Governing | Illinois Could Become New Hub of the Cryptocurrency Industry