Illinois Governor J.B. Pritzker has signed two new laws aimed at protecting cryptocurrency consumers and criticized President Trump's administration for its approach.
Criticism of Trump Administration
Governor Pritzker expressed discontent over the Trump administration allowing 'crypto bros' to influence federal policy. He stated: 'While Trump lets crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers.'
Contents of the New Laws
The new laws, the Digital Assets and Consumer Protection Act (SB1797) and the Digital Asset Kiosk Act (SB2319), establish regulations for cryptocurrency exchanges and operators of crypto ATMs. SB1797 grants the Illinois Department of Financial and Professional Regulation authority to regulate crypto exchanges and requires crypto companies to disclose their fee structures and risks. SB2319 regulates cryptocurrency kiosks, requiring registration and limiting transactions for new customers.
Illinois' Stance on Cryptocurrency
Despite recent initiatives, Illinois is not considered particularly pro-crypto. Earlier this year, a bill proposing the creation of a strategic Bitcoin reserve was rejected.
Thus, Illinois is taking steps to enhance consumer protection in the cryptocurrency sector while simultaneously criticizing the current U.S. administration's policies.
