Illinois governor criticizes Trump’s ‘crypto supporters’ during bill signing

Illinois Gov. JB Pritzker Criticizes Trump Over Crypto Policies

On Monday, Illinois Governor JB Pritzker criticized US President Donald Trump while signing two new bills aimed at regulating cryptocurrency in the state. He mentioned that while Trump’s administration was busy letting “code brothers” shape federal policies, Illinois was focused on protecting investors and consumers.

State-level crypto policies have seen a split since the Republican win in November. Some states, like Texas and Arizona, have fully embraced the crypto industry, whereas Illinois, under Democratic leadership, has taken a more cautious stance.

The first piece of legislation, the Digital Assets and Consumer Protection Act (SB 1797), enables Illinois regulators to better supervise digital asset exchanges and related businesses. This bill passed the Illinois Senate in April.

This Act mandates that crypto companies and exchanges maintain adequate financial resources, enforce cybersecurity measures, provide investment disclosures, and adhere to customer service standards that are similar to those in traditional financial services.

“As fraudsters continue to evolve and consumer protections weaken at the federal level, Illinois is making it clear that we won’t tolerate this,” Pritzker stated.

Regulations on Crypto ATMs Introduced

Pritzker also signed the Digital Asset Kiosk Act (SB 2319), which focuses on cryptocurrency kiosks or ATMs. This legislation requires operators to register with state regulators, ensures full refunds for victims of fraud, sets an upper limit of 18% on transaction fees, and caps daily transactions for new customers at $2,500.

Edgar Gonzalez Jr., the President, remarked that “Illinois deserves reliable and consistent protections for their hard-earned money, no matter which financial services they choose.”

In 2024, Illinois experienced approximately $272 million in losses due to crypto fraud, making it the fifth-highest state in such losses, according to the FBI.

Continued Criticism of Trump’s Crypto Stance

The governor’s office has not held back, further criticizing Trump’s cryptocurrency policies. They pointed out that his administration has actively deregulated the crypto industry, exposing consumers to greater fraud risks. Specifically, they referenced a bill Trump signed in April which revised IRS rules on brokers to include decentralized financial exchanges.

Proposed Illinois Bitcoin Reserve

This year, Illinois also considered legislation aimed at investing in Bitcoin. State Senator John Cabello introduced House Bill 1844 in January, proposing a strategic Bitcoin reserve for the Department of Treasury to purchase and hold assets for a period of five years.