Illinois governor JB Pritzker has signed US president Donald Trump for allowing the “crypto bros” to guide the policy as he signed two new bills to repair the state’s crypto on Monday.
“While the Trump administration allows Crypto Bros to write federal policy, Illinois implements common protections for investors and consumers,” Says Governor Pritzker on Monday as the law was approved.
Crypto policy has been dividing a state level since Republicans have won a landslide election in November, along with some states such as Texas and Arizona who have fully embraced the industry while others, such as Democrat evidence of illinois, are getting more careful bearing.
The first bill, the Digital Assets and Consumer Protection Act (SB 1797), The Department of Financial and Professional Regulation is provided to facilitate digital assets and businesses. This passed The Senate of Illinois in April.
The law requires crypto companies and exchanges to maintain sufficient financial resources, implement cybersecurity and anti-fraud measures, provide investment disclosure, and follow customer service standards similar to traditional financial services.
“At a time when scams are constantly changing, and consumer protections are killed at the federal level, Illinois sends a clear message that we do not tolerate to take advantage of our people and their enthusiastic belongings,” Pritzker said.
Signed regulations in Crypto ATM
The Governor of Illinois also signed the Digital Asset Kiosk Act (SB 2319), specifically targeting cryptocurrency or ATM kiosks by appointing operators to register with state regulators, provide a full refund to scam victims, cap transaction fees to 18%, and limit sun -day transactions to $ 2,500 for new customers.
“The people of Illinois are worthy of reliable, constant care, regardless of the financial service they use for their hard work,” said Representative Edgar Gonzalez Jr.
Related: Coinbase faces a lawsuit for alleged violations of biometric law in Illinois privacy
Around $ 272 million lost in Crypto fraud cases in 2024, making Illinois the fifth highest state in the country for losses, According to In FBI.
Trump Tirade continues
The governor’s office continues to attack Donald Trump’s crypto policies, saying that the Trump administration has “actively deregulated the crypto industry at a time when consumers are increasingly threatened with fraud.”
They specifically mention Trump’s April -signing of a bill that has dropped a modified rule from the Internal Revenue Service that expanded the meaning of a broker to include decentralized financial exchanges.
The Bitcoin strategic strategic is turned upside down
The state is not the most pro-crypto in America, which quickly quaned a bill that suggests to invest in Bitcoin (Btc).
Illinois representative John Cabello introduced House Bill 1844 in January with the aim of creating a strategic Bitcoin reserve for the state treasury to buy and hold the owner for five years.
However, the bill Failed to pass Voting at the Committee level, according to Bitcoin laws.
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