Sangamon Sun

State Representative Mike Coffey, a Republican from Springfield, has voiced his opposition to House Bill 742 during a session in the Financial Institutions and Licensing Committee. The bill successfully passed the committee despite unanimous opposition from Republican members.

House Bill 742, if enacted, will mandate digital asset businesses and organizations to register and submit applications to the Illinois Department of Financial and Professional Regulation. The bill also aims to grant the department specific enforcement powers over digital asset regulations.

Rep. Coffey criticized the bill, stating, “This bill totally misses the mark and would no doubt hamper business growth in Illinois.” He emphasized the need to reduce regulatory mandates, arguing, “If we really want to grow our economy, we must stop overregulating businesses with unnecessary mandates. We need to make Illinois more business friendly and support the great businesses that call Illinois their home.”

As a small business owner, Coffey advocates for policies that reduce bureaucratic hurdles for businesses. The bill has yet to be voted on in the House. Its status can be tracked via the Illinois General Assembly's website, ilga.gov.

For further inquiries, please contact Rep. Coffey’s office at 217-782-0053 or via email at [email protected].

Mike Coffey represents the 95th House District in Illinois, encompassing parts of Sangamon County, including parts of Springfield, Chatham, Rochester, and areas within Macon and Christian Counties.