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August 19, 2025
The Governor JB Pritzker of Illinois has signed two bills to regulate cryptocurrency and prevent Bitcoin ATM scams: the law on digital assets and consumer protection and the law on digital asset kiosks. The first sets up regulatory monitoring of cryptocurrency and the second sets up regulations on Atm Crypto operators to combat scams, according to a press release.
In particular, the Illinois financial and professional regulation department can now regulate cryptocurrencies and oblige companies to set up procedures to improve cybersecurity and prevent money fraud and money laundering. The Digital Asset Kiosk kiosk, on the other hand, obliges Crypto operators to register with the IDFPR and to reimburse all victims of scams. It also caps daily transactions at $ 2,500 for new customers and 18%fees.
The objective of these bills is to act as a counterweight to the more pro-Crypto position of the Trump administration, which, according to Governor Pritzker, is detrimental to consumer safety at a time when Illinois consumers have lost $ 272 million in cryptocurrency fraud in 2024.
“While the Trump administration lets Crypto Bros write federal policy, the Illinois implements common sense protections for investors and consumers,” Governor Pritzker said in the press release. “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.”
Digital asset companies have until July 1, 2027 to register with the IDFPR, but they must immediately obey consumer protection clauses.
“This legislation guarantees that Illinois residents are protected by strong scam prevention measures, such as the implementation of kiosk disclosure and the implementation of guarantees to prevent new users from losing their savings,” said senator Laura Ellman in the press release. “We take a responsible step to put consumer protection first in the state. The basic protections of consumers in the cryptocurrency space are lacking, and regulatory executives are crucial to hold responsible operators and keep the dollars of consumers in security. This measure addresses the fields of the virtual currency market vulnerable to fraud and authorized the Illinois consumers to make informed investments.”
Earlier in July, the Trump administration signed the law on engineering with bipartite support creating a regulatory scheme for stablecoins. Two other crypto acts are still waiting for the approval of the Senate, including the Clarity Act to determine which agencies regulate cryptocurrencies and the anti-CBDC surveillance law which would prohibit the federal reserve from publishing a digital currency of the Central Bank, according to a New York Times report.
