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Illinois Governor criticizes Trump's "crypto bros" at new bill signing ceremony.
Illinois Governor JB Pritzker has just signed two new bills aimed at tightening cryptocurrency regulation, while also criticizing President Donald Trump for allowing "crypto bros" to shape federal policy. He emphasized that Illinois is implementing reasonable protections for investors and consumers.
The SB 1797 bill empowers the financial regulatory authority to oversee cryptocurrency exchanges and businesses, requiring them to maintain financial capacity, implement cybersecurity measures, prevent fraud, and ensure transparency of information.
The SB 2319 bill focuses on cryptocurrency ATMs, requiring operators to register, refunding scam victims, capping fees at 18%, and setting a transaction limit of 2,500 USD/day for new customers.
According to the FBI, Illinois suffered $272 million in cryptocurrency fraud in 2024, ranking fifth nationwide. The state also rejected a proposal to establish a Bitcoin reserve fund.