Illinois Governor JB Pritzker criticized President Donald Trump for letting “crypto bros” shape federal policy as he signed two new bills aimed at tightening oversight of digital assets in the state on Monday.
“While the Trump Administration is letting crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers,” Pritzker said during the signing ceremony.
Since Republicans’ sweeping victory in November, crypto regulation has emerged as a divisive issue at the state level. States like Texas and Arizona have embraced the industry, while Democratic strongholds such as Illinois have taken a more cautious approach.
One of the new measures, the Digital Assets and Consumer Protection Act (SB 1797), grants the Illinois Department of Financial and Professional Regulation authority over crypto exchanges and businesses. Passed by the Illinois Senate in April, the law requires firms to maintain sufficient financial resources, adopt cybersecurity and anti-fraud safeguards, disclose risks to investors, and uphold customer service standards similar to traditional financial institutions.
“At a time when fraudsters continue to evolve, and consumer protections are being eroded at the federal level, Illinois is sending a clear message that we won’t tolerate exploitation of our people and their hard-earned assets,” Pritzker said.
Governor Signs Crypto ATM Regulations
Illinois Governor JB Pritzker also signed the Digital Asset Kiosk Act (SB 2319), a law targeting cryptocurrency kiosks and ATMs. The measure requires operators to register with state regulators, issue full refunds to scam victims, cap transaction fees at 18%, and restrict daily transactions to $2,500 for new customers.
“The people of Illinois deserve reliable, consistent safeguards, no matter the financial service they utilize for their hard-earned money,” said Representative Edgar Gonzalez Jr.
According to the FBI, Illinois ranked fifth in the nation for crypto fraud losses in 2024, with residents losing an estimated $272 million to scams.
Trump tirade continues
The governor’s office continued its criticism of President Donald Trump’s crypto policies, arguing that his administration has “actively deregulated the crypto industry at a time when consumers are increasingly at risk of fraud.”
Officials pointed to Trump’s April approval of legislation overturning an IRS rule that broadened the definition of a broker to include decentralized finance (DeFi) exchanges.
Illinois Scraps Strategic Bitcoin Reserve
Illinois has shown little appetite for pro-crypto measures, swiftly rejecting a proposal to invest state funds in Bitcoin.
Representative John Cabello introduced House Bill 1844 in January, seeking to establish a strategic Bitcoin reserve in the state treasury to be held for five years. The measure, however, failed to advance past the committee stage, according to Bitcoin Laws.
