Illinois Governor JB Pritzker made a hit on US President Donald Trump for allowing the “Crypto Bros” to guide politics when he signed two new bills to regulate crypto in the state on Monday.
“While the Trump administration lets Crypto Bros write federal policy, Illinois implements common sense protections for investors and consumers,” said Governor Pritzker on Monday while approving the legislation.
Cryptographic policy has become divisioning at the state level since the Republicans won during a landslide election in November, certain states such as Texas and Arizona fully embracing the industry while others, such as Democrat Bashold, Illinois, taking 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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About 272 million dollars were lost in cases of cryptographic fraud in 2024, making Illinois the fifth highest state at the national level for losses, according to the FBI.
Trump Tirade continues
The Governor’s office continued to attack Donald Trump’s cryptographic policies, declaring that the Trump administration has “actively dislocated 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
The state is not the most pro-Crypto in America, having quickly canceled a bill suggesting it to invest in Bitcoin (BTC).
The representative of Illinois, John Cabello, presented the Bill of the Chamber 1844 in January in order to create a strategic bitcoin reserve so that the Treasury of the State buys and holds the asset for five years.
However, the bill failed to vote at the committee level, according to Bitcoin laws.
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