Illinois governor signs new crypto oversight laws targeting exchanges and ATMs

The Block

2025-08-19 15:09:14

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Illinois governor JB Pritzker passed two new bills into law on Monday that strengthen regulation over crypto.

The first bill, The Digital Assets and Consumer Protection Act (SB 1797), gives the Department of Financial and Professional Regulation the authority to oversee crypto companies and exchanges.

The legislation also requires that crypto companies and exchanges maintain sufficient financial resources, implement robust cybersecurity and anti-fraud measures, and provide investment disclosures and customer service standards in par with those in traditional financial services.

Another bill, the Digital Asset Kiosk Act (SB 2319), mandates crypto kiosk or ATM operators to register with state regulators and establish live customer service, create anti-fraud and compliance policies and designate a compliance officer and a consumer protection officer.

It also requires operators to limit transaction fees to a maximum of 18% and daily transactions to $2,500 for new customers.

Meanwhile, the Democrat Governor voiced his criticism of U.S. President Donald Trump, who has been spearheading the country's fundamental shift towards digital finance.

“While the Trump Administration is letting crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers,” said Pritzker. “At a time when fraudsters continue to evolve, and consumer protections are being eroded at the federal level."

According to the FBI, Illinois saw over $272 million worth of losses from crypto fraud in 2024, which is the fifth largest amount out of all U.S. states.

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