According to him:
“While Trump lets crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers. Today, I’ve signed into law first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets.”
The governor’s statement coincided with the enactment of two landmark laws regulating digital assets in the state.
The law establishes clear operational standards, covering areas such as customer protections, custody of digital assets, registration, compliance, supervision, and enforcement procedures. It also grants the DFPR rulemaking authority and outlines methods for addressing violations.
It also mandates robust anti-fraud measures, enhanced due diligence, compliance policies, and the use of blockchain analytics to prevent transactions linked to illicit activity.
Additionally, crypto ATM operators must designate compliance and consumer protection officers, report kiosk locations quarterly, and obtain a money transmitter license.
Despite the regulatory achievements, Pritzker’s comment on Trump drew swift backlash from major crypto stakeholders.
“The Democratic Party is making important strides to correct the mistakes of the ‘24 cycle. Adopting the Gary Gensler approach to crypto is bad policy and bad politics.”
Grewal also pointed out that respected Democratic lawmakers like Senator Gillibrand and Representative Ritchie contributed to the legislation that Pritzker was criticizing.
According to him, this reflects a long-term regulatory strategy rather than insider influence.
