The governor used the moment to criticize US President Donald Trump for recent federal moves that, according to his office, loosen protections for consumers.
SB 1797 hands the Illinois Department of Financial and Professional Regulation authority to supervise digital-asset exchanges and related firms.
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.
We won’t tolerate fraudsters.
According to lawmakers, the measure forces companies to hold enough money, put up cybersecurity and anti-fraud systems, make clear investment disclosures, and meet customer service standards similar to other financial services.
The bill passed the state Senate in April and will make it clearer who answers to state rules and who does not.
Those specific numbers are meant to slow down bad actors and give people a clearer path if they’re cheated. State lawmakers and consumer advocates have said those steps are long overdue.
Pritzker used his signing remarks to draw a contrast with Washington. Based on reports from the governor’s office, he accused the federal government of stepping back from protections after an April signing that overturned a revised IRS rule about who counts as a broker in decentralized finance.
He framed the state laws as a direct response to growing fraud and a federal posture he sees as friendlier to industry players than to everyday users.
Featured image from ABC News, chart from TradingView
