Illinois is taking steps to strengthen cryptocurrency regulation by proposing new consumer protection laws and critically evaluating the federal government's policy.
New Cryptocurrency Regulation Laws in Illinois
Governor JB Pritzker of Illinois has signed two bills aimed at enhancing consumer protection in the cryptocurrency sector. The first bill, the Digital Assets and Consumer Protection Act (SB 1797), grants the Illinois Department of Financial and Professional Regulation broad authority over crypto exchanges and companies operating in the state. Companies are required to maintain financial reserves, implement cybersecurity and anti-fraud measures, and clearly inform investors of risks.
The second bill, the Digital Asset Kiosk Act (SB 2319), concerns crypto ATMs, which are frequently used as entry points for retail investors and hotspots for fraud. Operators must register with state regulators, cap transaction fees, and refund victims of fraud in full.
Criticism of the Trump Administration
Pritzker also criticized the Trump administration, stating that it has allowed 'crypto enthusiasts' to write federal policy. His office claims that Trump’s policies lead to 'active deregulation' amid rising consumer risks. Pritzker highlighted that Trump reversed measures that would have expanded the definition of a broker to include decentralized financial platforms.
Sherrod Brown's Comeback
Meanwhile, former Ohio Senator Sherrod Brown has announced his political comeback. He will run for Republican Jon Husted's seat in the 2026 elections. Brown lost his seat in 2024 but feels compelled to represent workers' interests and advocate for economic fairness. His new campaign will focus on workers' rights and economic justice.
Illinois continues to take a tough stance on cryptocurrency by implementing new consumer protection measures, while politicians like Sherrod Brown return to advocate for changes in economic policy.
