Illinois Governor JB Pritzker criticized federal policy led by former administration figures as he signed two new crypto regulation bills into law.
The Digital Assets and Consumer Protection Act empowers the Department of Financial and Professional Regulation to oversee digital asset exchanges and businesses operating in the state.
Requirements include maintaining adequate financial reserves, implementing robust cybersecurity and anti-fraud measures, and providing transparent investment disclosures.
The Digital Asset Kiosk Act mandates that cryptocurrency ATM operators register with regulators, cap transaction fees at 18% and limit daily transactions to $2,500 for new users.
Pritzker emphasized that these measures protect Illinois residents from emerging fraud risks while federal consumer safeguards lag behind.
The new framework arrives amid a patchwork of state-level crypto policies, reflecting divergent approaches following recent electoral shifts.
Proponents assert that clear, local oversight can deter misconduct and enhance market integrity in the absence of comprehensive federal rules.
Critics argue that state regulations may hinder innovation, but the legislation includes mechanisms for periodic review of impact on the industry.
Illinois reported $272 million in crypto fraud losses in 2024, ranking fifth nationwide, underscoring the urgency of enhanced consumer safeguards.
Lawmakers and industry stakeholders will monitor implementation as exchanges and ATM operators adapt to the new compliance requirements.
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