Illinois Governor JB Pritzker made a hit on US President Donald Trump for allowing the “Crypto Bros” to guide policy when he signed two bills to regulate crypto in the state on Monday.
“While the Trump administration lets crypto bros write federal policy, the Illinois implements common sense protections for investors and consumers,” said Pritzker on Monday while approving the legislation.
Cryptographic policy has become divisioning at the state level since the Republicans won the elections in November, certain states such as Texas and Arizona fully embracing the industry while others, such as Democratic Stronghold Illinois, adopted a more cautious position.
The first bill, the law on digital assets and consumer protection (SB 1797), grants the Department of Financial and Professional Regulation of Illinois to supervise exchanges and companies of digital assets. He adopted the Illinois Senate in April.
The legislation obliges companies and cryptographic exchanges to maintain adequate 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 fraudsters continue to evolve and consumer protections are eroded at the federal level, the Illinois sends a clear message that we will not tolerate to take advantage of our people and their hard -won assets,” said Pritzker.
Signed Crypto ATM Rules
The Governor of Illinois also signed the law on digital asset kiosk (SB 2319), which specifically targets cryptocurrency kiosks or automatic ticket distributors by obliging operators to register with state regulators, to provide complete reimbursements to the victims of scam, at 18% CAP transaction costs and to limit daily transactions to 2,500 $ for new customers.
“The inhabitants of Illinois deserve reliable and coherent guarantees, whatever the financial service they use for their hard earned money,” said representative Edgar Gonzalez Jr.
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According to the FBI, around 272 million dollars were lost in cases of cryptography fraud of Illinois in 2024, making it the fifth highest state at the national level for losses.
Trump Tirade continues
The Governor’s office continued to attack Trump’s cryptographic policies, saying that his administration had “actively deregulated the cryptographic industry at a time when consumers are increasingly fraud”.
They specifically cited Trump’s April signing of a bill which canceled a revised rule of the internal income from a service which has expanded the definition of a broker to include decentralized finance exchanges.
Illinois Strategic Bitcoin Reserve focused
Earlier this year, the State canceled a bill suggesting that it is investing in Bitcoin (BTC).
The representative of the State of Illinois, John Cabello, presented the Bill of the Chamber 1844 in January to create a strategic bitcoin reserve so that the Treasury of the State could buy and hold the assets for five years.
The bill failed to vote at the committee level, according to Bitcoin laws.
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