Illinois governor signs two bills on crypto consumer protections

Illinois Governor JB Pritzker signed two bills aimed at tightening crypto oversight in the state, Cointelegraph reported. The Digital Assets and Consumer Protection Act gives the Illinois Department of Financial and Professional Regulation authority over crypto exchanges and businesses, requiring firms to maintain financial safeguards, adopt cybersecurity and anti-fraud measures, disclose investment risks and follow customer service standards similar to traditional finance. A second measure, the Digital Asset Kiosk Act, regulates crypto ATMs by mandating operator registration, refund obligations for scam victims, a fee cap of 18% and a $2,500 daily transaction limit for new users. According to an Aug. 18 press release published on the governor’s office, the legislation contrasts with the Trump administration’s deregulatory stance, and Governor JB Pritzker described the new Illinois laws as "common-sense protections for investors and consumers."