Chicago, IL (CAPITOL CITY NOW) – Governor JB Pritzker Monday signed two pieces of legislation into law that would provide protections for cryptocurrency in Illinois — and criticizes President Donald Trump in the process.
Pritzker signed one measure, the “The Digital Assets and Consumer Protection Act,” and the “Digital Asset Kiosk Act.”
The first of those, SB 1797, would allow the Illinois Department of Financial and Professional Regulation to supervise digital asset exchanges and businesses, according to a state news release. It also creates “strong financial protections” like having enough financial resources to be able to operate, and other protections in line with more traditional currency financial institutions.
The second bill, SB 2319, would put new requirements on crypto kiosk operations, like transaction fees capped at 18 percent, along with a daily withdrawal amounts of $2,500. The kiosks must also be registered with the IDFPR, provide detailed reports of all kiosk locations, and refund customers who fall victim to scams.
In both cases, Pritzker says they’re stronger than federal regulations.
“While the Trump Administration is letting crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers,” said Pritzker, in a news release. “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 taking advantage of our people and their hard-earned assets.”
The Pritzker administration claims Illinoisans lost $272 million to cryptocurrency-related scams in 2024. It also claims that the Trump administration is deregulating cryptocurrency, with the IRS being stripped of the ability to regulate decentralized crypto brokers, the news release said. A bill canceling out the policies was recently signed by Trump.
The digital asset operations in Illinois will have until Jan. 1, 2027 to register with the IDFPR.
