Illinois state legislators are crafting legislation to help the state welcome innovation in cryptocurrency. Illinois state Rep. Michael Zalewski (D) explains the market opportunity he sees in this space.

"It has the chance to make government a little more efficient and user friendly," said Zalewski about the power of blockchain technology. "It's appealing to us because it allows us to hold information in an individualized way."

Zalewski says its important as lawmakers to foster growth in this booming industry. Chicago, Illinois is home to the first Bitcoin futures contracts CBOE and CME.