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Illinois Gov. J.B. Pritzker has bashed the Trump administration's approach to cryptocurrency regulation after he signed two bills into law on Monday that are aimed at regulating the cryptocurrency market into law.
The first, the Digital Assets and Consumer Protection Act, grants the Illinois Department of Financial and Professional Regulation the authority to regulate cryptocurrency exchanges and businesses.
Under the law, the firms are required to file investment disclosures and adhere to customer service standards, according to a statement from Pritzker's office. They are also to maintain sufficient financial resources to fund operations and have plans to address cybersecurity risks, fraud, and money laundering, the statement said.
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Meanwhile, the Digital Asset Kiosk Act requires Bitcoin ATM operators to also register with the IDFPR, according to the statement. Operators are also to report all ATM location details and provide refunds to new customers who are victims of ATM fraud, the statement said. At the same time, the law caps ATM transaction fees at 18% with daily transactions limited to $2,500 for new users.
The full texts of both laws have yet to be made public.
"While Trump lets crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers," Pritzker said Monday on X. "Today, I've signed into law first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets. We won't tolerate fraudsters."
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Pritzker's remarks come as President Donald Trump's support of the cryptocurrency industry has proven divisive due to his personal involvement in the industry and the backing he has received from industry players.
The perceived conflict of interest has colored the view of legislation that has emerged from Congress.
Rep. Maxine Waters (D-CA) in July slammed the GENIUS and CLARITY acts as "bills written by and for the crypto industry," adding that they will enable massive fraud and "legitimize and legalize the unprecedented crypto corruption by the president of the United States."