Illinois Governor JB Pritzker criticized former President Trump for allowing the "crypto bros" to participate in policy-making when he signed two new cryptocurrency regulation bills on Monday.
"Trump's administration is allowing the crypto bros to dominate federal policy, while Illinois is implementing reasonable protections for investors and consumers," Governor Pritzker said during the passage of the legislation.
Since the Republican Party's overwhelming victory in the elections last November, states have shown significant divergence in their cryptocurrency policies. States like Texas and Arizona fully support industry development, while Illinois and other Democratic strongholds are more cautious.
The first bill, the Digital Assets and Consumer Protection Act (SB 1797), grants the Illinois Department of Financial and Professional Regulation the authority to regulate digital asset exchanges and related businesses. The Illinois Senate passed the bill in April.
The new regulations require cryptocurrency businesses and exchanges to maintain sufficient funds, implement cybersecurity and anti-fraud measures, and provide investment disclosures. Additionally, they must ensure customer service according to traditional financial service standards.
"As fraudulent activities continue to evolve and consumer protections at the federal level are weakened, Illinois makes it clear that it will not tolerate anyone infringing on the rights of our residents and their hard-earned assets," Pritzker stated.
The Illinois Governor also signed the Digital Asset Self-Service Kiosk Act (SB 2319), specifically targeting cryptocurrency self-service kiosks or ATMs. The law requires operators to register with state regulators, provide full refunds to scammed users, set a cap on transaction fees at 18%, and limit new customers' daily transaction limits to $2,500.
"People in Illinois deserve reliable and uniform protections, regardless of the type of financial service they use," said Representative Edgar Gonzalez Jr.
According to FBI data, Illinois lost approximately $272 million to cryptocurrency scams in 2024, ranking fifth in the nation.
The Governor's office continues to criticize Trump's cryptocurrency policies, stating that the Trump administration "actively relaxed regulations on the crypto industry amid increasing risks of consumer fraud."
The office specifically mentioned that a bill signed by Trump in April overturned revised IRS rules that had expanded the definition of "broker" to include decentralized finance exchanges.
Illinois is not the most supportive state of the cryptocurrency industry in the U.S.; a previous proposal to have the state treasury invest in Bitcoin (BTC) was quickly rejected.
State Representative John Cabello introduced House Bill 1844 in January, aiming to establish a strategic Bitcoin reserve for the state treasury, planning to buy and hold for five years.
According to Bitcoin Laws, the bill failed to pass in committee voting.
Related: Strategy increased its holdings by 430 Bitcoin (BTC) for $51.4 million last week.
Original article: “Illinois Governor Slams Trump-Supported 'Crypto Bros' Group When Signing New Bills”
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